OREANDA-NEWS. Ahead of President Obama’s budget due next week, API Group Director of Upstream and Industry Operations Erik Milito urged the administration and policy makers to embrace America’s proven market-based approach to energy which has made the United States the global leader in oil and gas production. 

“A few years ago the U.S. was counted out as an oil and natural gas superpower, but we defied the odds to become the world’s largest producer of natural gas and a world leader in crude production. Our energy renaissance has been led by shale energy development, extracting oil and gas from rocks at a scale and efficiency level that was unthinkable not long ago.

“The administration and policy makers can embrace the successful free-market approach by basing decisions on sound science and allowing opportunities for exploration and development. This is an issue onshore and offshore. For both, the science is clear. The data and facts overwhelmingly support the conclusion that hydraulic fracturing and seismic testing have and can continue to be done safely.  

“This week, the Senate is on the right track as it debates a comprehensive and bipartisan energy bill that seeks to advance the successes achieved in the U.S. by ensuring that natural gas pipelines are permitted more efficiently, providing a streamlined process for LNG exports, and fostering greater diversity in the energy and manufacturing industries. 

“Smart energy policy is imperative for the continued U.S. global energy leadership and helping U.S. consumers. Our model doesn’t stifle American investment with overregulation or a one-size-fits-all approach to federal rulemaking. Instead, it allows for the free market and innovation to thrive. Let’s allow these market-driven initiatives to continue reducing carbon emissions without risking our economy and American jobs.”

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.