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The API Director of Upstream Erik Milito released the following statement regarding the Obama administration鈥檚 decision to deny Arctic offshore development extension requests and scheduled 2016 and 2017 Arctic lease sales:

鈥淥ur industry鈥檚 strong interest in developing our country鈥檚 vast offshore oil and natural gas resources in Alaska was undermined years ago when the administration began implementing a system of regulatory and permitting unpredictability and uncertainty.

鈥淚nvestment decisions have been directly thwarted by the policy decisions of the administration related to Alaskan Outer Continental Shelf development, and lease extensions are clearly justified under the circumstances. And while it is not surprising that Interior cancelled the remaining lease sales because there was an absence of nominations, it is the significant regulatory uncertainty that has created the reluctance on the part of our industry. Still, America鈥檚 oil and natural gas industry remains firmly committed to the long-term development of offshore Alaska resources.

鈥淎rctic oil and natural gas represent incredible potential for American energy security, jobs and revenue for the government. Access to the region鈥檚 oil and natural gas resources will remain necessary to provide energy supplies to meet the world鈥檚 growing demand and vital to keeping America鈥檚 status as a world leader in energy.鈥�

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