NOIA Applauds Senate Passage of OPENS Act

NOIA President Randall Luthi issued the following statement on the Senate Energy and Natural Resources Committee’s passage of the OPENS Act, which will open new areas of the OCS to energy exploration and development, extend revenue sharing to participating coastal states, and lift the outdated ban on U.S. oil exports:
 
“The National Ocean Industries Association applauds the Senate Energy and Natural Resources Committee for passing the OPENS Act, which will strengthen America’s energy and national security, improve our national economy, and benefit consumers across the country.  Over 85 percent of our federal offshore acreage is off limits to oil and natural gas development.  Opening access to these areas will result in hundreds of thousands of new American jobs, billions of dollars in new private investment and millions more barrels per day of oil and natural gas production, not to mention new revenue to the government.
 
“Oil and natural gas are not just reliable and affordable sources of energy today, but are also predicted to still provide about 80 percent of the energy the world needs through 2040.  We could be a source of that energy, not only for the US, but for our allies around the world. The outdated ban on oil exports is locking the U.S. out of world markets and hampering both the health of our domestic energy industry as well as America's economic growth.

"Preventing American oil from being traded on international markets also means higher gas prices for U.S. consumers. America can and should safely explore and produce all of its valuable offshore energy resources. The OPENS Act puts America on a path toward greater energy and national security, a stronger economy, and more affordable energy, and I applaud the committee for passing this important legislation.”