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CONGRESS IS RESPONDING TO THE CRITICAL NEED FOR EXPANDING AMERICAN ENERGY

Washington, D.C. (July 31, 2006)

FROM BARRY RUSSELL, PRESIDENT, INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA IPAA represents the companies that drill 90 percent of the nation's oil and natural gas wells. These companies also hold 90 percent of the leases in the Gulf of Mexico.

"America is witnessing a dramatic shift in the political climate of Congress as both the House and Senate understand the vital importance of developing America's natural resources to improve energy security and consumer well-being. America's oil and natural gas industry supports both the House and Senate in their effort to achieve the best possible energy solution for this country.

"The Senate bill is important because it will provide more American oil and natural gas resources - these are energy supplies that have been off-limits for far too long. The fact remains; the continued development of the nation's deep sea areas is needed to meet the country's demand for energy resources. Unfortunately, ninety percent of the deep sea is off-limits, including 300 trillion cubic feet of natural gas and 50 billion barrels of crude oil. Congress must not delay and take action this year to remedy America's growing energy crisis.

"Policymakers should not deny these important energy supplies to the American people. We are the only country in the world that has refused to develop offshore energy resources. This is a policy that has no rational basis. Deep sea oil and natural gas development has and can occur while accelerating the protection and improvement of the environment.

"IPAA is pleased that Congress is engaged in a serious effort to increase access to America's deep sea energy resources. We will continue to work with members in both chambers to pass the best legislation to improve the lives of American consumers, strengthen our economy and reduce our dependence on foreign energy.

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IPAA is the national trade association representing oil and natural gas producers that drill 90 percent of the nation's oil and natural gas wells. These companies account for 68 percent of America's oil production and 82 percent of its natural gas production.