American Petroleum Institute slams Senate on offshore drilling

The American Petroleum Institute, advocates and standard-setters for the oil and natural gas industry, slammed the Senate over their recent approach to Offshore Energy Production proposed late yesterday.

The bill would raise taxes on refiners from 8 cents per barrel to 45 cents per barrel in order to increase funds to the Oil Spill Liability Trust Fund.

API’s President and CEO Jack Gerard called the provision on oil spill liability a “jobs killer.”

Gerard said that “Requiring an unattainable level of insurance coverage for domestic energy producers on the Outer Continental Shelf will force the vast majority of American companies out of U.S. waters….”

The institute issued an economic study indicating the United States would lose an estimated 175,000 jobs per year between now and 2035 and U.S. oil production would decline by 27 percent if deepwater drilling proposals under consideration were adopted and the moratorium lasted indefinitely.

“Legislation that raises the cost of production to uneconomic levels; that renders deepwater oil and natural gas areas off limits to production; drives small- and mid-sized firms out of business; shuts down access to domestic energy resources; or singles out our industry for punitive tax increases—all of which have been part of various bills in the House and Senate—will have significant impacts on jobs and economic growth,” said Gerard.

Democrats, such as Senate Majority Leader Harry Reid of Nevada say the tax hikes are necessary to hold oil companies “responsible” and that the legislation would increase jobs in the “green” economy.

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