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U.S. Oil, Gas Producers Applaud President Bush for Taking Step Forward to Address America’s Energy Challenge

The following is a statement from Barry Russell, president and CEO of the Independent Petroleum Association of America (IPAA). IPAA represents the 5,000 U.S. businesses that develop 90 percent of America's oil and natural gas wells both onshore and offshore.

“President Bush today took an important step to improve America’s energy security by lifting the executive moratorium on offshore drilling in the Outer Continental Shelf (OCS). Now is the time for America to embrace a comprehensive, long term energy policy that includes conservation, efficiency, unconventional fuels and all forms of American energy, including additional oil and natural gas resources, for the future.

“American consumers are on board and calling for greater deep sea exploration. The President has listened. And, now it is time for Congress to provide leadership and take actions that will help bring some relief to consumers.

“Congress can no longer look the other way on this issue. If we don’t take the necessary steps today, America will be in a worse position tomorrow.        

“While it is true that exploration in areas that are currently off limits will not produce oil and natural gas in the short term, America must endorse solutions today that will produce results tomorrow.  Failure to act now means that American oil and natural gas will not be able to play its critical role in providing future energy supply. Using American energy means more than just putting gasoline in our tanks; it means a more secure energy future and less money into foreign coffers and more into the United States.”

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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.