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Statement On President Bush's State Of The Union Address

From Mike Linn, chairman of the Independent Petroleum Association of America (IPAA). IPAA represents the companies that drill 90 percent of the nation's oil and natural gas wells. Linn is also chairman, president and CEO of Linn Energy (NASDAQ: LINE).

"President Bush is correct that America's dependence on foreign oil threatens our national security and economy.

"Our best defense against foreign oil dependency is the vast oil and natural gas resources we have here in America. This energy is our true, strategic petroleum reserve, and government policies should encourage its development.

"Unfortunately, the majority of the nation's oil and natural gas remains off-limits. Nearly 85 percent of the nation's offshore resources are restricted by the government for exploration. These reserves could replace Persian Gulf imports for the next 50 years. And an overwhelming amount of oil and natural gas resources in the Intermountain West remain unavailable due to government restrictions.

"Any discussion of federal research and development should also include new technologies that help us recover more American oil and natural gas. Billions of barrels of oil remain unrecoverable in this country simply because we don't have the technology to produce it.

"In addition, America must embrace conservation, efficiency and all forms of American energy for the future. Today, oil and natural gas provide two-thirds of our nation's energy needs, as well as the fuel for many alternative energy projects. The fact remains, that for the foreseeable future, oil and natural gas will be our main fuel source."

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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.