Carlton Carroll | 202.682.8114 | carrollc@api.org
WASHINGTON, May 11, 2011 – API Executive Vice President Marty Durbin today expressed support for the U.S. House of Representatives vote in favor of producing more of America’s oil and natural gas resources, which would create more jobs and more revenue for our government.
"Rather than raising taxes on our industry, granting more access to our own vast resources gives us an opportunity to create hundreds of thousands of new American jobs and deliver billions more to the federal treasury," Durbin said. "We need to keep investing in America’s resources, both its energy and its people, and today we’ve taken a big step in the right direction."
A Wood Mackenzie study shows that as many as 125,000 jobs and one-third of deepwater Gulf production could be lost in 2015 if there are unreasonable delays in permitting in the Gulf of Mexico.
"The president has encouraged more oil and natural gas development in Brazil and Saudi Arabia," Durbin added. "We need the focus to be on what we can do here at home. More exploration and a steady and reliable stream of permits is critical."
A slowdown in Gulf permitting has already cost jobs and will reduce Gulf oil and natural gas production and government revenue this year. The nation’s long-term energy security is also at risk, as 2011 could be the first year without a lease sale in offshore areas since 1957.
API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 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 over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.