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Oil exec warns Biden admin breaking the ‘backbone of the energy revolution’
EPA looks to impose ozone regulations on the Permian Basin, America’s largest oil shale
By Kristen Altus Fox Business
As the AAA national average for gas sits at $4.84 per gallon heading into the July 4th weekend, one American oil executive is begging the Biden administration to tap into the Permian Basin’s full potential.
"The Permian Basin is the most prolific in the United States," American Petroleum Institute Senior Vice President Frank Macchiarola told "Mornings with Maria" Friday. "It's really been the backbone of the energy revolution here."
Macchiarola expressed hope that the Environmental Protection Agency's (EPA) plan to impose a discretionary re-designation of the Permian Basin, which is located in Texas and New Mexico and accounts for 40% of all oil produced in the U.S., falls through.
"What this administration should be actually doing is promoting more American oil and gas development," the oil executive told FOX Business' Dagen McDowell.
In response to Biden’s moratorium on federal land and offshore drilling, the American Petroleum Institute introduced a plan to promote and restore U.S. energy independence.
"That breaks down the barriers for infrastructure, that lifts the steel tariffs, that promotes LNG exports," Macchiarola explained. "These are the types of steps that the administration should be taking, not looking to put limitations on the most prolific basin that we have here in the United States."
Pumping 5.2 million barrels per day, or 95 million gallons of gas, the Permian Basin is credited with pushing the U.S. to become the leading producer of oil and natural gas, according to Macchiarola.
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https://www.foxbusiness.com/energy/oil-exec-warns-biden-admin-breaking-backbone-energy-revolution
