API Welcomes Conservation Funding Protection Act

The American Petroleum Institute (API) on Dec. 2 embraced the introduction of the Conservation Funding Protection Act. The legislation, introduced by Sen. John Kennedy (R-La.), would provide regulatory certainty and protect the permitting process for leases in the Western and Central Gulf of Mexico, ensuring the continued supply of billions of dollars in offshore oil and natural gas revenues to support national conservation programs that benefit all 50 states.

“The Conservation Funding Protection Act is critical for maintaining energy development in the Gulf of Mexico, the primary revenue driver for America’s largest federal conservation program,” said Lem Smith, vice president of Upstream Policy. “Royalties from offshore oil and natural gas development fund most of the Land and Water Conservation Fund, supporting and protecting national parks and wildlife habitat. Continued support for oil and natural gas production on federal lands and waters is imperative for maintaining these vital conservation programs.”

SOURCE: The Weekly Propane Newsletter, December 10, 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.