• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

NPRA Praises Passage of OCS Leasing Provisions As Initial Step to Increase Supplies of Domestically Produced Natural Gas & Oil Resources

Posted on: Saturday, 9 December 2006, 12:00 CST

NPRA, the National Petrochemical & Refiners Association, released the following statement on the final passage, by both Houses of Congress, of H.R. 6111, "The Tax Relief and Health Care Act of 2006," which includes the full text of S. 3711, "The Gulf of Mexico Energy Security Act of 2006."

NPRA President Bob Slaughter said: "The Gulf of Mexico Energy Security Act takes an important first step toward eliminating artificial and unnecessary limitations on the development of vital domestic energy resources. The Gulf of Mexico Energy Security Act represents the best opportunity for U.S. energy exploration in 25 years. It opens 8.3 million acres of the Outer Continental Shelf (OCS) to oil and natural gas drilling and could conservatively yield 5.8 trillion cubic feet of natural gas. Reliable supplies of affordably priced natural gas are critical to the operations of both the refining and the petrochemical industries and to the consumers who rely on the essential products they produce. Our nation's economic future and energy security depend upon maintaining a stable supply of domestically produced energy resources.

"While the bill doesn't open as much acreage to exploration as NPRA and others would have liked, we hope that additional action affecting other OCS areas will eventually take place. Allowing full access to the OCS could bring as much as 633 trillion cubic feet of natural gas to the domestic market, enough to provide the United States with 25 years of affordable natural gas. NPRA has consistently encouraged policymakers to make increasing the nation's supply of natural gas, oil and oil products a number-one public policy priority."

NPRA is a national trade association with more than 450 member companies, including virtually all U.S. refiners and petrochemical manufacturers.

Source: Business Wire

More News in this Category