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Gulf Lease Sale Demonstrates Continued Strength of Offshore Oil and Gas Production

(NEW ORLEANS) Today’s massive Gulf of Mexico lease sale demonstrates the continued strength of offshore oil and gas production in America’s energy supply, and proposed policies by the Trump Administration would further boost investment in offshore resources and propel this nation to energy dominance, according to Gulf Economic Survival Team Director Lori LeBlanc.

“With more acreage offered than ever before, today’s historic lease sale shows us that the Gulf of Mexico continues to be a significant resource for American oil and gas production and those of us along the Gulf Coast are very proud to produce the energy that fuels America,” LeBlanc says.  “Under the current challenging market conditions, however, key reforms are essential to spur increased investment in our nation’s offshore resources and boost American oil and gas production in the years ahead.”

“The Gulf Economic Survival Team supports the Trump Administration’s efforts to reduce royalty rates for deepwater production, reform unreasonable regulations, and open more of America’s Outer Continental Shelf for energy development. We recognize that operators have many choices around the globe when it comes to where to invest their exploration dollars, and the more competitive we can make our own offshore resources, the better chance we will have of growing our domestic oil and gas production,” says LeBlanc.

“Without royalty relief, regulatory reform and increased access through an expanded OCS lease plan, America’s energy security and energy dominance are at risk.  Offshore oil and gas operators will look outside of U.S. waters to spend their limited dollars for exploration and development, meaning no drilling rig jobs, no maritime jobs, no catering jobs, and no revenues of any size contributed to the federal or state treasuries.  GEST supports these efforts to strengthen investments in America’s oil and gas resources and grow our nation’s contributions to the worldwide demand for increased energy,” LeBlanc says.

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