Statement from API President and CEO Jack Gerard on President Obama's speech in Copenhagen

Bill Bush | 202.682.8069 | bushw@api.org

WASHINGTON, December 18, 2009 – The American Petroleum Institute issued the following statement today from its President and CEO Jack Gerard on President Barack Obama’s speech at the Copenhagen climate conference:

“We agree with President Obama on the importance of addressing global climate change. However, Congress’s leading proposals could destroy millions of jobs, drive up fuel prices, and, by shifting much of our refining capacity abroad (along with refinery greenhouse gas emissions), substantially increase our reliance on foreign supplies of gasoline, diesel and other petroleum fuels. Worse, the president’s own EPA is poised to issue an expansive regimen of climate regulations that could cripple business growth and job creation, dimming employment hopes for 15 million now out-of-work Americans.

“Often overlooked is the U.S. oil and natural gas industry’s leading role developing green technology. Between 2000 and 2008, the industry invested more than $58 billion in greenhouse gas mitigation projects, more than either the federal government or the rest of the private sector combined. These investments will pay off in emission reductions as they already have in new jobs.

“Public support for government climate change proposals has waned. It’s time for all stakeholders to come together to craft a fair, efficient, market-based climate change strategy that minimizes the burden on consumers and jobs.”