API Notes USGS' 53% Increase Estimate for Piceance Basin Oil Shale

The American Petroleum Institute has issued the following statement on the U.S. Geological Survey increasing by 53 percent the resource estimate for Piceance Basin oil shale:

"This new assessment increases USGS' previous resource estimates of Piceance Basin oil shale by more than 50 percent, to over 1.5 trillion barrels. We agree with Secretary Salazar that the new resource estimates demonstrate the need for continued research and development efforts in order to produce this vast resource. That is why we were disappointed that the Interior Department recently delayed issuing a second round of oil shale research and development leases. Developing more of our nation's oil and natural gas would generate much-needed revenues for federal, state and local governments, spur new job growth and increase America's energy security."