API Welcomes Alaska Coastal Plain Oil and Gas Leasing Program

The American Petroleum Institute (API) issued the following statement Aug. 17, in response to the Department of Interior’s approval of the Coastal Plain Oil and Gas Leasing Program in the Arctic National Wildlife Refuge (ANWR) in Alaska. The announcement follows a 2017 congressional mandate requiring the program, which will determine where and under what terms and conditions leasing will occur in the 1.56 million-acre Coastal Plain within the 19.3 million-acre ANWR.

“Today’s announcement brings us one step closer to unlocking Alaska’s energy potential, which will create good-paying jobs and provide a new revenue stream for the state,” Frank Macchiarola, API senior vice president of Policy, Economics and Regulatory Affairs, said. “This follows a rigorous environmental review process confirming the oil and natural gas industry’s ability to safely develop in ANWR and underscoring its commitment to environmental stewardship. Our industry will continue to build on its long track record of partnering with wildlife organizations and local communities in the state to implement strong environmental protections while leveraging new technology to safely and responsibly develop these important energy resources.”

In 2019, nearly 104,000 Alaska jobs were the result of oil and natural gas investment and activity, which represents 32% of all Alaska jobs and 35% of all Alaska wages. The oil and natural gas industry has contributed over $150 billion to the state of Alaska through royalties and taxes, and provides the largest cash contribution to the Alaska Permanent Fund. Accessing energy resources in the Arctic will lead to further job and revenue growth for the state.

SOURCE: The Weekly Propane Newsletter, August 20, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.