American Oil and Gas Reporter - May 2017 - 27

WASHINGTONWATCH
Intelligent Regulations,
Tax Code And Infrastructure
Key Washington Topics
During the past decade, the U.S. oil and natural gas industry
has capitalized on new opportunities while navigating uncharted
challenges. The shale revolution provided previously inaccessible,
affordable energy for American consumers, yet duplicative
federal regulations imposed new costs and delays.
The Trump administration and Congress have an opportunity
to foster a resurgence in energy development and promote common-sense regulations that support the thousands of small businesses and millions of workers that comprise this vital domestic
industry. Today in Washington, energy policies that prioritize
markets and reassess top-down controls to ensure the safest,
most efficient regulations for the energy industry are under way.
President Trump's emphasis on improving national infrastructure is a prime example. Advancing critical projects from
pipelines to compressor stations is necessary to properly produce
and transport our vital energy resources. Approval of the
Keystone XL project and President Trump's executive order to
expedite the operation of the Dakota Access pipeline provide
hope for an improved regulatory environment.
Recent years have seen Washington assert greater control
over regulations that state authorities traditionally have handled
well. The Independent Petroleum Association of America will
continue to advocate the reversal of federalization. Like the
men and women who work for the industry, state regulators live
in the communities they regulate, care about their homes' environment and economy, and understand the unique aspects of
local challenges; they know what works best for their geographies
and communities.
The White House and leaders on Capitol Hill also have committed to modernizing the Endangered Species Act to focus on
actually conserving species instead of politicizing land development, as well as using Congressional Review Act authority to
relieve the industry of hastily-conceived requirements.
Updates to simplify the U.S. tax code also provide new opportunities, but reform must be approached in a way that
supports capital investments instead of merely seeking reform
for its own sake. Critical energy tax provisions, such as the intangible drilling cost deduction and percentage depletion
allowance, allow capital formation at a level needed to develop
American oil and natural gas, stimulating investment in domestic
energy production. Removing these provisions may wipe out
25 percent of future investment-an act that stands in opposition
to the public's call for more jobs, economic opportunity and security.
The new administration understands that greater investment
in manufacturing and industry is in the United States' best
economic interests. Similarly, some of our country's foreign
allies need energy, and America has the capacity and ability to
supply them. The United States should use its abundant oil and
natural gas resources to support its security interests around the
world.
The U.S. Energy Information Administration reports that net
oil imports dropped from 60.3 percent of products supplied in

"Recent years have seen Washington assert
greater control over regulations that state
authorities traditionally have handled well.

"

2005 to a preliminary estimate of 24.8 percent in 2016. This development supports the U.S. economy, enhances national security,
and promotes independence from foreign sources of energy.
The oil and gas industry continues to move forward, having
utilized the downturn to develop new efficiencies and innovation
to apply in the future. Today, recovery is under way, with prices
stabilizing in recent months and many companies planning to
increase 2017 capital expenditures by 50 percent or more.
This is great news for American workers, but there is still
more to be done. The oil and natural gas industry is made up of
thousands of small businesses, employs millions of workers
with good paying manufacturing jobs, and provides the energy
on which we rely while keeping our environment safe.
Now Congress and the administration must determine a path
forward to make 2017 the year of American energy. IPAA will
continue to be an advocate for the industry in Washington,
meeting with agencies and lawmakers to speak out for common-sense regulations for this vital industry.
❒

BARRY RUSSELL has been

president and chief executive
officer of the Independent Petroleum Association of America
since March 2000. Prior to
joining IPAA in 1980, he
worked for several management consulting firms including
Booz Allen Hamilton. Russell
began his career in the Environmental Protection Agency's
Office of General Counsel and Enforcement. He received a law degree from George Washington University Law School, and he graduated from
Pennsylvania State University with a B.S. in psychology and a B.A. in economics. Russell also has
completed courses in environmental mediation and
negotiation at Harvard University and the Massachusetts Institute of Technology.
MAY 2017 27



American Oil and Gas Reporter - May 2017

Table of Contents for the Digital Edition of American Oil and Gas Reporter - May 2017

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