IEA Warning Underscores Need to Develop US O&G Resources

The American Petroleum Institute has issued the following statement regarding the International Energy Agency report:

"The report issued today by the International Energy Agency (IEA) underscores the pressing need to do all we can in the United States to develop our own oil and natural gas resources. The new administration and Congress should not re-impose the ban on U.S. oil and natural gas development or otherwise set restrictions that would keep off-limits some of our nation's most promising resources.

The IEA warned in its World Energy Outlook that some 30 million barrels per day of new global crude oil capacity is needed by 2015 or the world runs the risk of a 'supply crunch that could choke economic recovery.'

The U.S. oil and natural gas industry is ready and able to put our skilled employees and state-of-the-art technology to good use developing America's oil and natural gas resources for the benefit of consumers, strengthening our nation's economy and energy security and providing good jobs for Americans.”