API has been calling on Obama to act for some time now…
WASHINGTON, March 9 (UPI) — The United States can shield itself against upheavals in the Middle East by tapping into domestic oil and natural gas reserves, a trade group said.
Oil prices are hovering near 9-month highs in part because of unrest in the Middle East. Crude oil prices spiked when Iran announced it was stopping oil deliveries to some European countries and shipping services are wary of delivering Iranian crude because of European sanctions.
Jack Gerard, president and chief executive officer at the American Petroleum Institute, called on U.S. President Barack Obama to send a “powerful signal” to the international markets that U.S. oil and natural gas was ready for swift development.
“The U.S. cannot control unrest in the Middle East, international supply disruptions, or rising worldwide demand, but it can increase world supply of crude oil by developing more of our own ample oil resources,” he said during a conference call with reporters.
The Obama administration said oil production is at historic highs, though Obama’s say that’s because of policies enacted by the previous administration. Gerard said Obama’s “all-of-the-above” energy policy is actually slowing oil and natural gas production.
“We urge him to truly do all of the above to help immediately create downward pressure on crude prices that will benefit American consumers,” said Gerard.