API: Legislation Targeting Oil and Natural Gas Production is Misguided

Legislation introduced by Democratic senators that would increase liability for oil and natural gas companies is “unnecessary and out of step” with voters’ energy priorities, American Petroleum Institute Executive Vice President Louis Finkel said.

“Congress should be focused on strengthening the U.S. energy resurgence, which has lowered consumer costs, boosted manufacturing and enhanced national security,” Finkel said in a statement. “This legislation is just the latest evidence that a handful of policymakers are out of step with consumers, who overwhelmingly support increasing domestic oil and natural gas production.

“The oil and natural gas industry has worked closely with regulators to make offshore energy exploration safer than ever,” Finkel said. “Existing laws have been effective for funding recovery in the rare event of an accident.”

API is a trade association representing the oil and natural gas industry.