API chief optimistic about industry’s future amid price decline
Posted on January 6, 2015 at 4:33 pm by Jennifer A. Dlouhy
WASHINGTON — Low oil prices aren’t quenching the industry’s thirst for action in the nation’s capital, where the American Petroleum Association is pressing for crude exports, lighter regulation and revamped U.S. biofuel mandates.
In outlining those and other items on the industry’s wish list Wednesday, API President Jack Gerard was optimistic about the future of the industry and the Keystone XL pipeline that would transport crude from Canada to the Gulf Coast.
The decline in oil prices, now less than half their June 2014 peak, will have “some impact” in the short term as companies pare capital spending, Gerard said. But, he stressed, the industry’s future is bright.
“Longer term, there will continue to be considerable investment in finding and developing new forms of energy,” Gerard said.
