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API: U.S. oil and natural gas industry is working to help address the nation’s economic challenges

WASHINGTON, April 13, 2011 – In commenting on President Obama’s 2011 budget remarks today, API President and CEO Jack Gerard said U.S. oil and natural gas industry could play a major role in helping secure a strong, financially sound future for the nation:

“The U.S. oil and natural gas industry is working hard to help our nation address the challenges the President outlined in his 2011 budget presentation. It is investing in U.S. energy production, providing work for millions of Americans, and delivering billions in revenue to help finance our government and pay the nation’s debt.

“Given what we know today, we have vast oil and natural gas reserves here in the United States to help fuel our country for generations. With expanded access to America’s public lands and offshore areas, the industry could contribute even more to our future, creating hundreds of thousands of new jobs and boosting revenue for our government over the life of the resource by more than $4 trillion – almost 30 percent of our national debt.”

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs and 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.