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API
Blogger Conference Call
Moderator:
Mark Green, API
Speaker:
John Felmy,Chief Economist, API
March 26, 2012
Transcript by Federal News ServiceWashington, D.C.
 
 Bloggers on the call included “Bear” from The Absurd Report, Bruce McQuain fromQuestions and Observations, Geoff Styles from Energy Outlook, Joy McCann from Little Miss Attila, Mark Perry from Carpe Diem, Marlo Lewis from Competitive Enterprise Institute, and  Norm Leahy from Bearing Drift 
 MARK GREEN: Good afternoon, everybody. This is Mark Green from the AmericanPetroleum Institute. Thanks for joining us today. We just heard who was on the line. Hasanybody else joined in, in just the last 30 seconds? OK. Maybe we should just go through againwith you guys identifying yourselves with your blog.(Pause.) Hello?BRUCE MCQUAIN: Bruce McQuain, QandO.MARK PERRY: Mark Perry, Carpe Diem.MARLO LEWIS: Marlo Lewis, Competitive Enterprise.JOY MCCANN: It’s Joy McCann, Little Miss Attila.MR. GREEN: Marlo?MR. LEWIS: That’s right, I’m here.MR. GREEN: Great. And Joy.GEOFFREY STYLES: Geoff Styles, Energy Outlook.MR. GREEN: OK, thanks. Let’s just go ahead and get started. I’ve got my iPad withme today, so if you’re having trouble getting through or hearing or anything like that, pleasedon’t hesitate to email me a question or let me know that you’re listening in and we’ll take careof things as best we can.There’s just a few ground rules for today’s call. To improve audio quality, please muteyour line – that’s star six – when you’re not speaking. Please be open and transparent, respectthe other participants on the call and introduce yourself each time you speak. We’ll post atranscript of today’s call on the
 Energy Tomorrow Blog 
on Wednesday at the latest.We’re here today to discuss rising gasoline prices. Certainly there’s been a lot of misinformation about some of the key factors figuring into the prices Americans pay at the pump, starting with the president’s regularly repeated line that the U.S. has only 2 percent of theworld’s oil reserves, which is simply misleading in terms of the country’s actual resourcereserves. We’ll talk about that and other related topics today with John Felmy, API’s chief economist, who has an opening statement before we get to your questions.John?
 
 JOHN FELMY: Thanks very much, Mark. Hello, everybody. Thanks for joining our call.With gasoline topping $4 a gallon in many parts of the country, according to the AAA,Americans are understandably frustrated because too many talk as though we’re powerless to doanything but watch global events and market conditions drive the cost of crude oil higher, whichcan translate into higher fuel costs, because crude accounts for 76 percent of the price Americans pay at the pump. America’s oil and natural gas companies believe a preemptive surrender to theglobal marketplace and world events is absolutely the wrong policy because, in fact, we’reenergy rich and have lots of options.Although the president repeatedly talks of very limited U.S. resources, it’s just not so.Although his rhetoric suggests that he only sees the effect of global markets resulting fromdecreasing demand through efficiency and conservation strategies, we think there’s a greater effect that producing more oil could have. When President Bush lifted the moratorium on oiland gas exploration on the east and west Outer Continental Shelf in 2008, the 45 day priceaverage for crude oil dropped 12 percent or $16 per barrel.Markets are driven by expectations, and it’s time the United States began sending themarkets the message that America’s serious about developing its ample resources to help exertdownward pressure on fuel price. This will take bold leadership – bolder than the administrationhas shown so far. We need strategies that, while acknowledging that renewable energy sourceshave an important role to play in our country’s energy future, our economy is and will continueto be for the foreseeable future, driven by oil and natural gas and that we need to get seriousabout developing resources that currently are off-limits.Despite what many Americans hear, we are the world’s third-largest producer of oil andwe have vast resources that we haven’t begun to explore. Safely and responsibly developingthem will let markets know that America will control its energy future. What are thoseresources? Currently, the U.S. oil and natural gas industry is only allowed to explore, developand produce on less than 15 percent of federal off-shore areas. The Arctic National WildlifeRefuge in Alaska, now off limits, is estimated to hold 1 million barrels of oil per day that could be developed on a parcel of land the size of a good sized airport.We could and should approve the full Keystone XL Pipeline to bring up 830,000 barrelsof oil per day from our neighbor and ally Canada. A committed strategy that brings these andother sources on line would say that America plans to shape its energy future instead of lettingthe future happen to us. The compelling argument is resonating in the country. Poll after pollshows significant majorities support approval of the full Keystone XL project. The number of Americans who believe we should produce more of our own oil and natural gas resources isgrowing.Finally, let me say that our companies are ready to meet the challenge of producing moreenergy. We will strengthen our economy, create hundreds of thousands of jobs and increase
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