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IPAA Responds to Senate Democrats' Energy Package

Washington, D.C.  – The Independent Petroleum Association of America (IPAA) today released the following statement on the Senate Democratic leaders’ energy package.

FROM BARRY RUSSELL, PRESIDENT AND CEO, INDEPENDENT PETROLEUM ASSOCIATION OF AMERICA

IPAA represents the companies that drill 90 percent of the nation's oil and natural gas wells.  These companies produce 82 percent of American natural gas and 68 percent of American oil.

“At a time when America’s consumers face critical energy costs and the global demand for energy production continues to rise, Senate Democrats have offered an energy bill that not only would produce less energy, but also would drive up costs. Sadly, but perhaps not unexpectedly, it appears this legislation is no more than a political retread of failed policies.

“It is imperative we increase domestic production to fuel America’s ever growing energy appetite.  Even as we enhance our ability to manufacture and employ alternative fuels, the reality is that oil and natural gas will continue to be a primary part of America’s energy mix, now and in the future.  Rather than reduce costs and “hold OPEC accountable,” Democratic  proposals would simply result in higher costs for consumers and more dependency on unstable foreign supplies.  Additionally, calls for windfall profit taxes only discourage investment in the United States.  This is in direct contrast to the Senate Republicans’ recent plan that would actually help consumers by encouraging increased domestic energy production.

“As Congress grapples with the enormous energy challenge ahead, it should seek a balanced energy policy that will support and expand all of our energy resources and help consumers, not handicap them further by penalizing the very industry that makes America’s way of life possible.”

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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.