SWESC Statement on Strategic Petroleum Reserve

HOUSTON, June 23, 2011 /PRNewswire-USNewswire/ -- Jim Noe, executive director of the Shallow Water Energy Security Coalition, released the following statement regarding the government's announcement that it will sell 30 million barrels of oil from the Strategic Petroleum Reserve:

Today's action by the administration to release 30 million barrels of oil from our strategic petroleum reserves represents the latest example of its seemingly ad hoc approach to managing U.S. energy policy.  

Only weeks ago, the administration was publicly taking credit for record high production levels in the Gulf of Mexico that, in reality, are the result of previous administrations' policies – and are already projected to decline sharply in coming months due to the sluggish permitting process in effect in the Gulf.  The administration has also attempted to paper over the extent of the Gulf permitting delays, claiming that the BOEM's current approval rate of 6 shallow-water permits per month mirrors "historical averages" that, upon further scrutiny, turned out to represent a selective slice of history in which permitting activity had temporarily slowed due to economic factors.

While releasing supply from U.S. strategic reserves may make a short-term difference, Americans paying record-high prices at the pump should ask this administration why it has taken so little substantive action to date to manage the country's longer-term supply needs.  It is time for a more serious approach to U.S. energy policy.  The BOEM must fulfill its fundamental duty to review and issue permits in a timely manner so the country can go forward with safe and responsible energy production in the Gulf.  

About the Shallow Water Energy Security Coalition

The Shallow Water Energy Security Coalition comprises a group of companies—Apache Corporation, Arena Offshore, Chevron, Delta Towing, Dynamic Offshore Resources, Energy XXI, Ensco, Hall-Houston Exploration, Hercules Offshore, Phoenix Exploration, Rowan Companies, Seahawk Drilling, W&T Offshore, and Walter Oil & Gas— that explore, develop and drill for natural gas and oil in the shallow waters of the Gulf of Mexico.  The coalition was established to enhance the understanding of shallow-water operations as policymakers develop legislative and regulatory responses to recent events. Follow us on Twitter @ShallowWaterNRG

SOURCE Shallow Water Energy Security Coalition