API Releases 10-Point Plan For Biden To Fix Record High Gas Prices

(Photo by NICHOLAS KAMM/AFP via Getty Images)

The American Petroleum Institute (API) has released a 10-point plan for President Biden to follow to help bring down the record high gas prices that have occurred under his administration.

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“While members of your administration have recently discussed the need for additional supplies to solve the energy crisis, your administration has restricted oil and natural gas development, canceled energy infrastructure projects, imposed regulatory uncertainty and proposed new tax increases on American oil and gas producers competing globally. Respectfully, the American people need a different direction to solve this crisis,” API’s CEO Mike Sommers said in a letter to Biden.

“API’s ‘10 in 2022 Plan’ outlined above offers this new direction,” Sommers added. “The plan has the potential to lead to an era of collaboration between the government and the private sector to meet our growing energy needs and to provide a measure of relief for the American people. We request the opportunity to work with your administration to help maintain the United States’ essential leadership position in the world.”

API’s 10-point plan includes:

  • Lift Development Restrictions on Federal Lands and Waters

The Department of the Interior (DOI) should swiftly issue a 5-year program for the Outer Continental Shelf and hold mandated quarterly onshore lease sales with equitable terms. DOI should reinstate canceled sales and valid leases on federal lands and waters.

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  • Designate Critical Energy Infrastructure Projects

Congress should authorize critical energy infrastructure projects to support the production, processing, and delivery of energy. These projects would be of such concern to the national interest that they would be entitled to undergo a streamlined review and permitting process not to exceed one year.

  • Fix the NEPA Permitting Process

Your administration should revise the National Environmental Policy Act (NEPA) process by establishing agency uniformity in reviews, limiting reviews to two years, and reducing bureaucratic burdens placed on project proponents in terms of size and scope of application submissions.

  • Accelerate LNG Exports and Approve Pending LNG Applications

Congress should amend the Natural Gas Act to streamline the Department of Energy (DOE) to a single approval process for all U.S. liquefied natural gas (LNG) projects. DOE should approve pending LNG applications to enable the U.S. to deliver reliable energy to our allies abroad.

  • Unlock Investment and Access to Capital

The Securities and Exchange Commission should reconsider its overly burdensome and ineffective climate disclosure proposal and your administration should ensure open capital markets where access is based upon individual company merit free from artificial constraints based on government-preferred investment allocations.

  • Dismantle Supply Chain Bottlenecks

You should rescind steel tariffs that remain on imports from U.S. allies as steel is a critical component of energy production, transportation, and refining. Your administration should accelerate efforts to relieve port congestion so that equipment necessary for energy development can be delivered and installed.

  • Advance Lower Carbon Energy Tax Provisions

Congress should expand and extend Section 45Q tax credits for carbon capture, utilization, and storage development and create a new tax credit for hydrogen produced from all sources.

  • Protect Competition in the Use of Refining Technologies

Your administration should ensure that future federal agency rulemakings continue to allow U.S. refineries to use the existing critical process technologies to produce the fuels needed for global energy markets.

  • End Permitting Obstruction on Natural Gas Projects

The Federal Energy Regulatory Commission should cease efforts to overstep its permitting authority under the Natural Gas Act and should adhere to traditional considerations of public needs as well as focus on direct impacts arising from the construction and operation of natural gas projects.

  • Advance the Energy Workforce of the Future

Congress and your administration should support the training and education of a diverse workforce through increased funding of work-based learning and advancement of STEM programs to nurture the skills necessary to construct and operate oil, natural gas, and other energy infrastructure.

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