Domestic Oil Supply is not Meeting Nation's High Demand

Statement

PEARCE: Domestic Oil Supply is NOT Meeting Nation's High Demand

This morning, Rep. Steve Pearce addressed the Natural Resources committee, of which he is a member. The hearing was focused on "Getting Royalties Right." Pearce highlighted our nation's outrageous loss of royalties. He explained that this loss is due in large part to the Natural Resources committee's failure to allow more domestic energy and oil production. In his address, Pearce said:

"The dollar's value is falling. Our economy is slowing. This summer, the DIA is expected to forecast record high gasoline prices for this summer. There is an OUTCRY for supply, but that outcry is falling on deaf ears. This county keeps its potential revenue from royalties and energy supply off limits."

"Of 262 million acres of BLM land, less then 5% of that land is being used for oil and gas production. We learned last Congress that less than 3% of our Outer Continental Shelf is being leased for oil and gas production. The Majority keeps it off-limits by convincing the American people that we don't have any energy here in the U.S."

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