WASHINGTON, October 11, 2011 – API Executive Vice President Marty Durbin said the interim report by the president's jobs council overlooks potential jobs in the oil and natural gas industry, one of the country's strongest job creators.
"While today's report acknowledges the continued need for oil and natural gas in our nation's energy future, we believe it missed an opportunity to highlight the enormous job creation and economic growth potential from this sector. Instead, the report describes 'controversy' and suggests a dialog must be started to allow us to take advantage of our resources.
"America's oil and natural gas industry continues to be committed to safe and reliable production of our energy resources; from industry standards that are cited throughout state and federal regulations to the innovative technologies that allow us to develop energy resources in the deepwater Gulf of Mexico and in shale formations around the country. We are sitting on vast domestic resources that can allow us to responsibly create more of our own energy, create more American jobs, and send more money to our government.
"What's needed isn't more dialog; what's needed is the opportunity to generate more than one million new jobs in just seven years, with 20,000 shovel-ready jobs that could be created almost immediately with approval of the Keystone XL pipeline."
The oil and natural gas industry can create 1.4 million additional jobs and more than $800 billion in additional government revenue by 2030, according to a study by Wood Mackenzie, sponsored by API.
API represents more than 480 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.