WASHINGTON – The American Petroleum Institute issued the following statement on this week’s 150th anniversary of the first successful oil well drilled in the in the United States. (Colonel Edwin Drake drilled the well in Titusville, Pennsylvania and struck oil August 27, 1859.):
America’s use of oil profoundly shaped the changes in our nation over the past century and a half. Oil helped make the United States a world leader, transformed our economy, and provided Americans with an unprecedented quality of life. The courage and ingenuity of America’s oil producers through the decades brought about today’s oil and natural gas industry employing advanced technology throughout its operations.
Oil and natural gas have been our nation’s leading energy sources for decades and will continue to be for years to come. The U.S. Energy Information Administration forecasts U.S. energy demand will grow by 9 percent between 2007 and 2030, with more than half of that demand met by oil and natural gas, as is the case today. And consumers rely on hundreds of petroleum byproducts in their everyday lives – everything from aspirins and antiseptics to food preservatives and fertilizers.
The U.S. oil and natural gas industry has the expertise and technology to produce the energy America needs to create jobs, spur economic growth, and bolster our national security. Looking ahead, our industry sees itself as a bridge to America’s energy future – meeting the continued demand for oil and natural gas, while developing renewable sources to meet our current and future needs and investing heavily in carbon mitigation, emerging energy technology, and alternative fuels. The oil and gas industry supports 6 million jobs; increased domestic oil and gas development would add to those jobs and generate significant revenues for local, state and federal governments.
What our nation needs is a comprehensive, realistic energy policy that increases development of all sources of domestic energy, including renewable energy and increased energy efficiency. But such a multi-pronged approach must include finding and developing more of the potentially vast oil and natural gas resources within our borders. The historic adventure that began a century and a half ago in Titusville, Pennsylvania continues today and will continue for decades to come.
Updated: August 28, 2009