Monday, November 17, 2008

PRESS RELEASE: Monday, Nov. 17---New Oil Shale Regulations A Step Toward National Energy Security

New Oil Shale Regulations A Step Toward National Energy Security

Environmental Extremists Vow to Block Development of World Class U.S. Oil Reserve and the Key to Reducing Foreign Oil Imports

Denver, Colorado – Americans for American Energy hailed today's publication by the U.S. Department of the Interior of new commercial leasing regulations for oil shale as a major victory for the nation's drive to be more independent of foreign oil imports. AAE also warned policy makers in Washington, D.C. not to take steps backward to destroy the fledgling oil shale industry as it moves forward with stalled research that could unlock more American oil reserves than is contained in the entire Middle East. AAE anticipates that national environmental groups will step up their campaign to shut down any development of new American oil from oil shale as soon as the new Congress convenes and the Obama Administration takes power in January

"Americans won't soon forget $4 dollar gasoline and we should recognize that here is a big part of the answer to solving our oil and transportation fuel supply right here at home, said Greg Schnacke, President of Americans for American Energy. The new leadership in Washington would be making a huge strategic mistake if they heed the call from the environmental extremists to block this important domestic energy resource."

The new regulatory framework put in place includes strict rules that apply to the industry regarding operational requirements, environmental rules and constraints, royalty and rental rates and other administrative regulations. Before any site-specific plans of development could be approved, additional NEPA environmental analysis would be conducted.

"Industry planners have said all along that they could not move forward with the $1 billion dollar-plus investment for research and development needed to move to environmentally responsible commercial development of over 800 billion barrels of American oil potential unless clear and established federal regulations were in place. If Washington doesn't mess this up, we can change the equation on America's dangerous reliance on foreign oil," said Schnacke.

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