FOR IMMEDIATE RELEASE
September 22, 2008
Brian Kennedy (202) 346-8826
Washington, DC – According to the Associated Press, Congressional leaders have decided to allow the nearly three decades-old ban on offshore energy production to expire. Thomas Pyle, president of the Institute for Energy Research (IER) issued the following statement:
“For almost thirty years, the Congress has restricted access to energy supplies owned by the very people it represents. No other nation in the developed world hamstrings its economy or its consumers in such a fashion, and no longer will the United States. Letting this long-standing ban on American energy production expire sends a signal to the global market that the U.S. is finally getting serious about producing more of its own energy.”
“Just released national survey data supports what the American people have been demanding from Congress. Sixty five percent of Americans say they want this ban of off shore oil and gas exploration to expire. While it appears as though Congress has delivered, there is more work ahead. Legislation seeking to re-impose the ban and activists lawsuits designed to thwart offshore production are surely on the horizon.
“There’s a reason economists refer to energy as the lifeblood of the economy – it’s what fuels growth, powers commerce, and improves our quality of life. Providing access to and enabling the production of abundant supplies here at home will therefore serve as an economic stimulus for America by attracting investment, creating good jobs, and lowering prices for consumers. This news certainly could not have come at a better time.”
The Institute for Energy Research (IER) is a not-for-profit public foundation that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. Founded in 1989, IER is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought or accepted from government (taxpayers).