API exec responds to Obama's alternative energy proposal

03/18/2013 | Oil & Gas Journal

The U.S. needs to establish an Energy Security Trust for the development of cleaner alternatives for transportation that would be financed by oil and natural gas leasing revenues, President Barack Obama said. "Eighty-three percent of federal lands and waters are still off limits to oil and natural gas development," Erik Milito, the American Petroleum Institute's upstream director said in response. "By failing to unlock new areas for energy production, the president's plan misses a golden opportunity to create jobs and generate billions of dollars in government revenue."

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