Click below to hear KMZU’s Ashley Johnson speak with Ryan Rowden, Executive Director at Missouri Petroleum Council a Division of the American Petroleum Institute.
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The American Petroleum Institute is speaking out against proposed regulatory constraints on energy policies. The organization, which represents all facets of the oil and natural gas industry, recently released a study comparing economic conditions under pro-development policies and proposed regulatory constraints. API claims that keeping and extending pro-development energy policies could add 2.3 million U.S. jobs to the market and $443 billion to the economy per year by 2035, the organization also claims that constraints could cost 830,000 jobs and decrease $133 billion from the economy.
The Institute also states that regulatory constraints currently proposed by the EPA could end up costing the average household an increased $242 annually, while implementing pro-development policies could increase local, state, and federal revenues by over $1 trillion, and lower household costs $360 annually.
API is calling on voters and policymakers alike to become educated on the energy policies investigated in the study. The organization has launched what it calls the Vote4Energy advocacy effort, focused on the future of jobs and energy within the United States and supporting “forward-thinking energy policies that sustain and grow American prosperity.” Pro-development policies examined by API include lifting bans on crude oil exports, increased access to energy resources offshore, more efficient permitting processes, and faster approval of energy infrastructure projects. The Institute currently supports 8% of the U.S. Economy and 9.8 million U.S. jobs.