Washington, DC – Rep. Doc Hastings (WA-4) laid out his vision for domestic energy production during the American Petroleum Institute’s Energy Jobs Summit. Much of the speech focused on America’s moribund economic growth rate and how energy production could spur economic development.
Hastings pointed out that the majority of known energy reserves are currently under the federal jurisdiction of the Natural Resources Committee. The US reserves of oil, natural gas and coal are the larges in the world—out ranking every other country. Over 28 billion of oil barrels are known to be in actual drilled reserves, but real energy potential exists in unexplored reserves, estimated at some 134 billion barrels. The key to unlocking reserves is heavily dependent upon streamlined and proactive federal leadership. Chairman Hastings highlighted two priorities to increase domestic energy production; reversing current policies that are blocking energy production and promoting the development of new areas for energy production.
Chairman Hastings argued that the Obama Administration actively impedes energy production. The Administration has with drawn leases from the Intermountain West, delayed oil shale development, imposed a moratorium on drilling in the Gulf of Mexico, placing portions of the Outer Continental Shelf off-limits and delayed permits for essential infrastructure. Last spring the House passed three bipartisan energy bills to unlock energy resources and reverse the aforementioned barriers to production. These bills were estimated to create over 1.2 million jobs and generate over $800 million in new revenue. Increased reserves from oil revenue could significantly contribute to the national debt reduction effort.
The Chairman also made significant comments regarding the Arctic National Wildlife Refuge (ANWR). ANWR is easily accessible and has vast known reserves of oil and natural gas. ANWR has over 10 billion barrels of oil and developing the reserves could more than offset all Saudi Arabian imports. Development in ANWR could create upwards of 100,000 jobs and generate over 150 billion dollars in revenue. All of these benefits would come from development on less than 3 percent of ANWR’s total acreage. Arctic Power strongly supports further safe and environmentally conscious development of Alaska’s North Slope reserves. The key to unlocking domestic reserves and spurring economic development hinges heavily on access to Alaskan lands under federal jurisdiction. The recent wave of House legislation, if adopted, would spur substantial economic gains in addition to promoting socially responsible development.