We applaud the President for his specific reference to our rich domestic energy supply
Washington, DC – The American Gas Association (AGA) today commended President Barack Obama for noting the critical need for increased offshore oil and natural gas production during his State of the Union address. The President called for more domestic energy exploration as part of a sweeping movement to transition America to a clean energy economy.
“We applaud the President for his specific reference to our rich domestic energy supply,” said David Parker, AGA President and CEO. “It’s clear he understands the need for increased exploration and production off the Outer Continental Shelf. We should not, however, overlook the sustainable and immediately accessible resources of clean, abundant natural gas to be found throughout America trapped in shale. America’s energy security, our environment and millions of jobs hinge on the development of these resources.”
Recent studies have shown there is enough clean natural gas in the United States to supply the country for more than a century. The reliability of this domestic fuel makes it a key component in reaching America’s energy goals.
In addition, AGA is pleased that the President called for tax incentives for large businesses to invest in new plants and equipment. The association urges Congress to pass an extension of the temporary 50 percent expensing (or “bonus depreciation”) provision that expired at the end of 2009.
“The extension of the bonus depreciation provision is an important incentive to encourage investments in our industry in order to serve new natural gas customers and to upgrade existing facilities,” said Parker.
“Domestic energy production is the lifeblood of a healthy economy,” he said. “The President’s remarks last night serve as an important first step in our journey toward energy independence and security. The natural gas industry is a huge player- supplying a quarter of America’s total energy need- and with the right policies, we will continue to deliver clean, domestic, efficient natural gas to Americans every day.”