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NPRA Urges House Members to Support Deep Ocean Energy Resources Act; Legislation Could Significantly Increase Supplies of Domestically-Produced Natural Gas and Oil

Posted on: Wednesday, 28 June 2006, 12:00 CDT

NPRA, the National Petrochemical & Refiners Association, is urging all members of the House of Representatives to vote for H.R. 4761, the Deep Ocean Energy Resources Act. NPRA President Bob Slaughter said, "NPRA members, along with many other industries and consumers continue to face volatile, non-globally competitive prices for natural gas. We strongly encourage quick and decisive legislative action to remedy the domestic supply and demand imbalance of this vital resource. The Deep Ocean Energy Resources Act provides a bipartisan approach to attain this objective."

In this crucial time, as the U.S. struggles to maintain its position as a leader in manufacturing, increased access to domestic energy resources must be a top priority. The viability of U.S. manufacturing industries depends on reliable and consistent access to energy supplies. The refining industry is a major user of natural gas in its facilities. The domestic petrochemical industry, which relies on natural gas as a feedstock, has been particularly hard hit as plants and well-paying jobs migrate to areas of the world with significantly lower feedstock prices. Thus, H.R 4761 will not only increase supplies of domestically-produced natural gas, it will help keep a critical industry with its related high-paying jobs in the United States while also increasing domestic energy security.

"In order to meaningfully address the shortfall in energy resources, Congress and the Administration must act now to support increased supply for oil and natural gas resources in the mid- and long-term," said Slaughter. "Studies indicate that natural gas from the Outer Continental Shelf (OCS) could provide the U. S. with 633 trillion cubic feet of natural gas - about 25 years of natural gas supply. This legislation, allowing states the option of accessing offshore resources, will provide signals to the energy markets that future energy supplies are available, potentially easing some of the upward price pressure on oil and natural gas markets.

"NPRA members are committed to work cooperatively with government at all levels to ensure an adequate supply of energy at reasonable prices. Passage of H.R. 4761 will be a significant step in the right direction, towards continued economic growth and a secure U.S. energy supply," Slaughter concluded.

NPRA members include more than 450 companies, including virtually all US refiners and petrochemical manufacturers.

Source: Business Wire

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