Upton on Oil and Gas Discovery in the Gulf: Less Pain at the Pump and More American Jobs
WASHINGTON, DC - House Energy and Commerce Committee Chairman Fred Upton (R-MI) released the following statement in response to today's news that exploration in the Gulf of Mexico has uncovered existence of a massive oil and gas field.
"This discovery underscores the great potential of America's vast energy resources. The prospect of new American-made energy supplies means less pain at the pump for American families and more American jobs.
"ExxonMobil began work on this discovery well before the administration's drilling moratorium was initially put in place. Without the moratorium, this discovery could have been made months sooner. Instead, development of an oil resource of nearly one billion barrels was stalled at a time when millions of Americans continue to struggle with high gas prices. While the administration's actions in the Gulf have resulted in a direct loss of jobs and revenue, as this discovery demonstrates, one of the greatest costs of the moratorium may be the delayed energy opportunities."
As part of the American Energy Initiative, House Republicans are working to remove roadblocks to American energy supplies, which will keep energy costs down, fortify our energy security, and create American jobs. Click here to view committee hearing materials related to the moratorium.