IPAA Statement on National Petroleum Council Report

IPAA Statement on National Petroleum Council Report

WASHINGTON – During its 121st meeting today, the National Petroleum Council (NPC) – a diverse group made up of oil and natural gas industry experts, as well representatives from academia, the manufacturing, regulatory, environmental and regulatory communities – released a final set of recommendations to energy secretary Steven Chu. Among its key findings, the council determined:

  • The potential supply of North American natural gas is far bigger than was thought even a few years ago;
  • America’s oil resources are also proving to be much larger than previously thought; and
  • We need these natural gas and oil resources even as efficiency reduces energy demand and alternatives become more economically available on a large scale.

“In his remarks, Secretary Chu underscored the fact that the responsible development of clean-burning American natural gas from shale formations has been nothing short of transformative. He’s absolutely right, and it’s been America’s independent producers who have pioneered these technological breakthroughs that are strengthening both our nation’s short- and long-term energy security, while creating tens of thousands of jobs along the way,” said Bruce Vincent, president of Swift Energy Company (NYSE: SFY) and chairman of the Independent Petroleum Association of America (IPAA), who serves on the council.

“The council’s diligent and collaborative work should serve as an important foundation for leaders in Washington as they craft energy and regulatory policies. The United States is resource rich, and we have the know-how to responsibly leverage our abundant homegrown oil and natural gas reserves in a way that will continue to strengthen our economy, our environment, our nation’s security and America’s competitiveness in the global economy,” Vincent added.

Separately, IPAA’s research department released a new white paper today highlighting the key and growing role that domestic natural gas is playing, and will continue to play, in meeting our nation’s growing energy demands, as well as the host of regulatory threats that could potentially undercut this positive progress. This from the report, which is available HERE:

“IPAA has been tirelessly working in Washington to ensure that natural gas’ bright future is not blighted by regulatory threats from federal bureaucrats and hostile anti-industry groups that fail to see the importance of natural gas as a strategic fuel for American prosperity and security. American natural gas production creates U.S. jobs, revenues, energy security and even reduces our carbon signatures. Rather than being perceived as a bridge fuel it is more important for politicians and consumers to cross the bridge of realization that this strategic fuel represents one of the foremost success stories of the past decade.”

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IPAA represents the companies that drill 95 percent of America’s onshore and offshore oil and natural gas wells.

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