Issue:
Focused research and development can make a significant contribution to sustaining the domestic petroleum industry.
Background:
While a global market establishes the price of crude oil, the costs of exploration, development, and production are influenced strongly by the application of new science and technology.
Statement:
AAPG recognizes the importance of maintaining a strong domestic petroleum industry and supports the need for a continuing effort in research and development to aid in sustaining its economic viability.