WASHINGTON--(BUSINESS WIRE)--The state of U.S. energy production and energy security requires a focus on more than just increased oil production. Brent Erickson, executive vice president of Biotechnology Industry Organization’s Industrial and Environmental Section, today released the following statement in response to today’s speech by American Petroleum Institute CEO Jack Gerard:
“Experts are projecting an American energy renaissance and achievement of energy self-reliance within a few decades. The International Energy Agency’s latest World Energy Outlook predicts that the United States will become a net energy exporter by 2030. But the report also shows that renewable fuels and energy efficiency will make substantial contributions to this energy renaissance if there is long-term, stable policy in place.
“Still, the petroleum industry’s trade organization contrarily calls for long-term continuation of oil and gas subsidies and a discontinuation of the primary policy for opening the fuel market to competitively priced renewable fuels. The IEA report notes that subsidies to the oil and gas industry continue to distort world energy markets and exacerbate environmental concerns. Notably, these subsidies have continued as the petroleum refining sector has shuttered refineries.
“API clearly is not addressing the state of all U.S. energy resources. Stable, long-term policy and economic certainty are necessary for the growth of all energy producers in the United States. We cannot have a secure American energy future without alternatives. We need an all of the above approach to transportation fuels that is in the best interests of American consumers and the U.S. economy.”
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling “innovations transforming our world.” Subscribe to BIOtechNOW.
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