Carlton Carroll | 202.682.8114 | carrollc@api.org
WASHINGTON, June 29, 2011 – API’s President and CEO Jack Gerard called for a course correction by the president to focus on jobs and increasing revenue to the government by developing American’s vast energy resources:
"The United States is sitting on some of the largest energy reserves in the world, but many of these reserves are currently off limits. If the government allowed for the responsible development of our own resources at home, we could create over one million new America jobs, increase revenues to our government by hundreds of billions of dollars, and significantly increase our energy security by providing 92 percent of our liquid fuels with help from Canada’s oil sands.
"Raising taxes on an industry that already contributes more than $86 million every day to the federal government takes us in the wrong direction. It could put American jobs at risk, decrease oil and natural gas production, harm millions of retirees who rely on income from energy companies, and actually reduce revenue to the government over time.
"Our energy policy needs to recognize the critical role oil and natural gas will play in the nation’s future while we also expand renewable energy and become more energy efficient. Our nation needs to prepare for tomorrow with policies that encourage more development of domestic oil and natural gas resources that we know our nation will need in the decades ahead."
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 7.7 percent of the U.S. economy, delivers $86 million in revenue to our government every day, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.