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WASHINGTON, January 13, 2010 – American Petroleum Institute President and CEO Jack Gerard delivered the following remarks at the United States Energy Association’s 6th Annual State of the Energy Industry conference in Washington, D.C.:
It’s great to be here with so many colleagues and acquaintances and have the opportunity to share some thoughts on the state of the energy industry and – in particular – look ahead to the role of oil and natural gas.
Today, U.S. and global energy policy remains in the forefront of public debate, and I expect will remain there well into this decade. Unfortunately, too often lost in the sloganeering is the reality of what it will take to provide the nation with affordable, reliable energy and assist in returning the economy to full strength at a time of double digit unemployment.
We need to look no further than the oil and natural gas industry to understand this challenge. During the give and take of public discourse, few truly stop to think how absolutely essential oil and natural gas are to our lives, to our prosperity and security, and to our future.
Oil and natural gas are the foundation of our energy-dependent economy. They profoundly affect how we live and work. They are key to our mobility, to keeping our homes and businesses warm, to providing us with electric power, and to supplying the raw materials for countless consumer and industrial products – everything from fertilizers to computer chips to medicines … the list goes on.
In total, oil and natural gas supply 63 percent of the nation’s energy today and represent more than $1 trillion of U.S. economic activity, accounting for some 7.5 percent of U.S. GDP – helping make our economy the biggest in the world.
And, just as important, oil and natural gas are putting huge numbers of Americans to work. They support more than 9.2 million U.S. jobs, a job base that even with the assumed maturity of this industry is surprisingly dynamic and growing and has potential for more growth. For example, between 2004 and 2007 the industry created more than two million additional American jobs.
Continued - see full text of remarks
Updated: April 23, 2010