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Young Shares Thoughts on Arctic Announcements

“When you do not offer up a valuable product, or create surety for the investment, it will not attract investors.”


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Washington, D.C. – Following the announcement made today by the U.S. Department of the Interior that it will cancel the two Arctic offshore lease sales scheduled under the current five-year offshore oil and gas leasing program for 2012-2017, Alaska Congressman Don Young shared the following thoughts:

This Administration continues to say they are committed to a balanced approach to resource development, but Alaskans are seeing that this is a falsehood.  A five year plan was put on the table in vain, only to later take off the table vast swaths of the most desirable and economically feasible offshore areas.  Further, their regulatory actions have not created security to invest in Alaska – they have scared off investment at the expense of the Alaskan people.  When you do not offer up a valuable product, or create surety for the investment, it will not attract investors.  This is a basic concept that cannot be dismissed as lack of interest from industry. 

“To add insult to injury, the Administration will not entertain conversations to extend the existing leases for those that have made investments in the Beaufort and Chukchi.  Instead of throwing a lifeline to the State, they throw us a cinder block.

 

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