WASHINGTON – Institute for Energy Research President Thomas Pyle issued the following statement on President Trump’s plan for renewed offshore energy development in the U.S.:
“President Trump has made it clear that he wants to unlock America’s vast energy resources and reinvigorate the economy. The president’s decision to review the Obama administration’s anemic offshore leasing program and open up Arctic waters for energy exploration is an important step toward that goal.
“America’s offshore oil and gas resources have been held under lock and key for too long. In fact, the Interior Department only leases one percent of offshore areas—leaving vast amounts of our energy resources off the table. The U.S. Arctic alone holds an estimated 27 billion barrels of oil and 132 trillion cubic feet of natural gas.
“The American people deserve better than the keep-it-in-the-ground policies of the previous administration. They deserve to see the benefits of developing these resources, including more jobs, higher wages, and a stronger economy.
“A long process awaits, but the merits of President Trump’s decision are clear. Opening these offshore areas delivers a strong message that America’s energy resources are back in the game.”
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.
