For decades, traditional energy sources — including oil, coal and natural gas — have been the standard‐bearer of the U.S. energy portfolio, and they will continue to play a crucial role in America’s long‐term energy strategy. Today, these energy sources supply more than 80 percent of U.S. energy demand. Investment in traditional production promotes all three pillars of a successful energy strategy.
If harnessed correctly, increased development of the nation’s traditional fuel resources can result in significant business investment and job growth and bring the nation closer to energy self‐sufficiency, all while reducing greenhouse gas emissions and other pollutants. Realizing this long‐term potential, however, will require a comprehensive, consistent and forward‐looking national energy strategy that reflects current realities, addresses key barriers, and capitalizes on future trends.
BRT CEOs call on Congress and the Administration to adopt policies that:
- Increase access to onshore and offshore federal lands to ensure reliable supplies of coal, oil, and natural gas in the coming decades.
- Streamline permitting and approval processes and expedite critical infrastructure projects.
- Respect the role that states have traditionally played in regulating oil and natural gas activity on non‐federal lands, and ensure that any new federal regulation of oil and natural gas activities on federal lands are developed in consultation with states and are consistent with state regulations.
- Base EPA regulations on sound science; perform thorough net cost‐benefit analysis; and take into considerationa the net cumulative impact these regulations have on energy costs, economic growth and job creation, while being protective of human health and the environment.
- Fund projects to demonstrate the commercial viability of carbon capture, utilization and storage projects, provided that such funding is offered for a finite timeframe and limited in scope.
Technology is Driving Increased U.S. Production
“Across the United States, affordable and reliable natural gas and domestically produced crude oil have helped strengthen and create jobs far beyond our industry.”
— Rex W. Tillerson, Chairman & CEO Exxon Mobil Corporation