American Petroleum Institute offers roadmap to energy independence
Implementation of policies to secure the nation’s energy leadership and tackle inflation are encouraged in a presentation to President-election Donald Trump from the American Petroleum Institute.
The five-point plan, with open letter to the nation’s 45th and soon to be 47th president, emphasizes the economic benefits of a robust fossil fuel sector. It promotes U.S. energy independence – one of his signature campaign promises – and revitalizes the oil and gas industry.
“Our country has a generational opportunity to fully leverage U.S. energy leadership to improve the lives of all Americans and bring stability to a volatile world,” API President and CEO Mike Sommers wrote in the letter to President-elect Trump. “It has never been more vital that America control its energy future.”
The institute’s roadmap would protect consumer choice and encourage Trump to expand oil and natural gas production across federal lands and waters, tapping into “unprecedented resources” to reduce reliance on foreign energy services.
The roadmap rolls back regulations by easing restrictions and stimulating investments in domestic energy projects to create more jobs.
“Yet our continued success is far from guaranteed, and we have been heading down a path of extreme regulations threatening everything from our choice of home appliances to the cars we drive,” Sommers said. “As an industry committed to American prosperity, we stand ready to work with you and Congress to reverse course and advance a robust vision for securing America’s energy dominance.”
American Petroleum Institute has asked for repeal of the Environmental Protection Agency’s tailpipe rules; leverage of natural resources by issuing a new five-year offshore leasing program; repeal of restrictive onshore leasing rules; and to work with Congress to repeal EPA’s methane fee.
Reform on the permitting system is also sought by working with Congress to pass Comprehensive Permitting Reform and repeal the Biden-era National Environmental Policy Act rules.
The presentation highlights the need to advance tax policy to help retain the 21% corporate tax rate that would ensure global competitiveness while maintaining and extending tax provisions for domestic infrastructure investments.
The institute emphasized the need to preserve crucial international tax provisions through overseas investments to ensure an adequate energy supply while protecting companies that made those investments from duplicative and punitive double taxation.
Trump has been open about his intent to “drill, baby drill” while prioritizing American energy interests. Many are looking to Trump’s administration to support policies shifting the U.S. to greater energy independence.
“President Biden’s promise to end fossil fuels hurt the hardworking energy producers of my district, who have worked diligently to increase production while reducing emissions,” said U.S. Rep. August Pfluger, R-Texas, in a statement.
Pfluger represents 20 counties in Texas’ 11th Congressional District, including Midland and Odessa, known for the Permian Basin oil boom.
“The Biden-Harris EPA’s ‘natural gas tax’ will drive up costs for all Americans, jeopardize our energy security, and increase emissions,” Pfluger said. “I have fought the natural gas tax since its inception, and I look forward to its repeal under President Trump.”
