The American Petroleum Institute (API) Tuesday said it supported House energy legislation that calls for federal revenues from expedited review of offshore oil and natural gas leases and sales to be used to fund clean energy and energy efficiency initiatives.

The bipartisan bill, introduced by Reps. Tim Murphy (R-PA) and Neil Abercrombie (D-HI), “recognizes the importance of increased access to offshore oil and natural gas resources not only to our nation’s economy — in terms of generating federal, state and local revenues and new well paying jobs — but also to America’s energy security,” said API President Jack Gerard.

“This legislation is a step in the right direction. We look forward to working with Congress to further refine some of the provisions and move forward with policy that will tackle our nation’s critical energy challenges.”

The bill calls for expedited review of leases and sales for offshore oil and gas exploration, and the dedication of the anticipated $2.2 trillion in federal revenues from these activities to finance clean energy and energy efficiency initiatives, including alternative fuels; the development of clean coal technology; the disposition and recycling/reprocessing of nuclear waste; and weatherization programs and conservation tax credits.

In addition to $2.2 trillion in federal government revenues, increased access to offshore oil and gas resources would provide $8 trillion in additional economic output, 1.2 million new jobs across the country and $70 billion in additional wages each year over the life of production offshore, said Murphy and Abercrombie, citing a recent analysis.

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