Washington, DC—Today the Coalition for American Energy Security released a letter to U.S. Senate Committee on Energy and Natural Resources Chairman Lisa Murkowski (R-AK) and Ranking Member Joe Manchin (D-WV). This letter comes ahead of the committee’s oversight hearing of the International Maritime Organization’s (IMO) 2020 standards. Two of the letter’s signers – the World Shipping Council and American Fuel and Petrochemical Manufacturers – will testify as witnesses at the hearing.
“With increased energy production and refining in the United States, we’ll see more, high-paying jobs here at home, in addition to the indirect economic benefits that stem from the energy economy to small businesses, equipment manufacturers, and others in the energy production supply chain,” the letter states. “Not only will domestic producers and refiners benefit from the IMO 2020 standards, but America’s energy security will be strengthened and air quality improved.”
IMO 2020 will reduce the maximum sulfur content in marine fuels from 3.5 percent to 0.5 percent by weight. The United States already produces and uses fuel that is five times more stringent than what IMO 2020 requires, and the U.S. refining sector has invested more than $100 billion in preparation over the past decade. But for others to achieve compliance with these standards, shippers will need to either install emissions-control devices known as “scrubbers” or exchange their high-sulfur fuel for a low-sulfur alternative, like liquefied natural gas (LNG) or light, sweet crude that’s produced from U.S. shale plays.
“Economists, environmentalists, analysts, and others within the government and the private sector have studied this closely and found that timely implementation of the IMO 2020 standards is in the best interest of our country,” the letter continues.
Members of the coalition include the American Fuel & Petrochemical Manufacturers, the World Shipping Council, the United Steel Workers, the American Petroleum Institute, the Center for Liquefied Natural Gas, the Domestic Energy Producers Alliance, the Independent Petroleum Association of America, American Exploration and Production Council, and several state oil and gas associations, among others.
A PDF of the full letter is available for download here. Learn more at www.americanenergysecurity.com and follow us on Twitter at @SecureUSEnergy.