U.S. Department of Commerce Invests $1 Million to Expand Oil Extraction Efforts at Fort Peck Reservation, Montana
Contact: John Atwood, 202-482-4085
Thursday, April 5, 2012
WASHINGTON - U.S. Commerce Secretary John Bryson today announced a $1 million Economic Development Administration (EDA) grant to the Fort Peck Assiniboine and Sioux Tribes to help advance oil drilling activities on the Fort Peck Reservation in Poplar, Montana. The investment is expected to save 3 jobs, create 15 new jobs, and leverage more than $600,000 in private investment.
"This $1 million EDA investment in the Fort Peck Reservation is an example of the Obama Administration's commitment to sustaining an all-of-the-above approach to American energy, including an all-out effort to boost American production of oil and gas," Bryson said. "The grant announced today will help Montana save and create jobs and foster business growth, while supporting nationwide efforts to reduce our reliance on foreign oil and create an economy built to last."
The EDA funds will support the expansion of the tribes' existing metal fabrication facility and will also fund the purchase new equipment that will be used to expand oil exploration and drilling activities in the Bakken formation, which is partially located on the Reservation.
Since taking office the President has been focused on a sustained, all-of-the-above approach to American energy - a strategy aimed at reducing our reliance on foreign oil, saving families and businesses money at the pump, and positioning the United States as a global leader in clean energy. Oil production is currently at an eight-year high - production on federal lands is up 13 percent over the last three years alone - and the Administration continues to make millions of acres available for production nationwide.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.