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IPAA Response to President Bush's State of the Union Address

 – The Independent Petroleum Association of America (IPAA) -- representing the companies that drill 90 percent of America's oil and natural gas wells -- today released the following statement in response to the President’s State of the Union Address. IPAA President and CEO Barry Russell said:

·         “President Bush was right to again raise the energy issue in his State of the Union address.  Energy costs, security, efficiency and reserves are among the most importance issues facing America and the economy. A solid energy policy that increases American oil and gas production is essential to helping the economy by keeping more petrodollars at work in the U.S.

·         “In addition to the Bush Administration’s proposals to allow oil exploration in some areas of the Arctic National Wildlife Refuge, we should also open access to natural gas supplies in the mountain states and allow increased exploration and production in the outer continental shelf, where we are known to have decades of oil and gas supplies. 

·         “Our best defense against foreign oil dependency is developing 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.  The majority of these critical resources, however, remain off limits. Nearly 85 percent of the nation's offshore resources are restricted by the government for exploration which if developed could replace Persian Gulf imports for the next 59 years. As if this was not enough, clean natural gas in the Intermountain West that is currently off-limits in non-park, non-wilderness government lands could heat 50 million U.S. homes for the next 60 years.

·         “America must embrace a comprehensive energy policy that includes conservation, efficiency, unconventionals and all forms of American energy for the future.  Today, oil and natural gas provide two-thirds of America’s energy needs, as well as the fuel needed for many alternative energy projects.  The fact remains, that even with a fivefold increase in renewables like wind and solar over the next 25 years, they would make up less than 1% of the total energy mix. Developing America’s oil and natural gas resources is the best solution to meeting this country’s growing energy needs and reducing foreign energy dependency.

Barry Russell

President & CEO, Independent Petroleum Association of America

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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.