Jan 27, 2023 IPAA Statement on H.R. 21 – The Strategic Production Response Act
IPAA President & CEO Jeff Eshelman issued the following statement in support of H.R. 21, the Strategic Production Response Act: “The Independent Petroleum Association of America (IPAA) endorses legislation put forth by House Republicans aimed at reining in the Administration’s misuse of the Strategic Petroleum Reserve (SPR) and instead utilizing America’s true domestic natural gas and oil reserves. The SPR was NOT intended to be used as a political tool to bring down gasoline prices as this would only place a band-aid on the overarching situation. The long-term solution is to enhance, rather than hinder, America’s leadership in natural gas and oil production. We can do this through continued safe, responsible resource production on federal lands. America’s independent natural gas and oil producers stand ready to do our part.”
Background: Federal lands and waters together accounted for 22 percent of total U.S. oil production and 12 percent of U.S. natural gas production in 2019, according to the Energy Information Administration. The federal government owns roughly 640 million acres of land in the United States, roughly 28 percent of the nation’s surface area – most of which is located in twelve states in the Western United States. In addition to the surface lands, the federal government exercises management responsibility for hundreds of millions of acres of federal minerals underlying these lands and offshore areas. Production of oil and natural gas from these areas are an important part of the nation’s energy portfolio and will be key to ensuring the United States remains a key player in the worldwide energy picture.