WASHINGTON, September 15, 2011 - Erik Milito, director of the American Petroleum Institute's upstream group, said today that the latest report by the National Petroleum Council (NPC) adds significant weight to API's belief in the enormous potential for oil and natural gas in North America.
"This report supports what our industry has been saying for some time – including last week in a letter to the president – that with policies that encourage responsible development of new and existing oil and natural gas resources, we could create 1.1 million additional jobs by 2020," Milito said. "We have the solutions to our nation's most pressing issues, and the industry stands ready to help."
Milito noted that the NPC's statement that the oil and natural gas industry "is vital to the U.S. economy, generating millions of jobs, widely stimulating economic activity and providing significant revenues to the governments" supports API's recently released Wood Mackenzie report on the potential for tremendous increases in jobs, revenues and energy production.
The Wood Mackenzie study shows that the oil and gas industry can infuse the U.S. economy with $127 billion in government revenues by 2020 if the administration and Congress take simple, common-sense steps that promote access to the country's oil and natural gas supplies. "This report also demonstrates the tremendous natural resource benefits that we stand to gain through the production of an additional 2 million barrels of oil and 11 billion cubic feet of gas per day," Milito said. "This would substantially increase the nation's energy security by 2020."
"It is our hope that the nation's leaders read this report and understand that the United States can greatly enhance its energy security, create jobs and provide more government revenue through effective policy that allows environmentally safe access to domestic resources," Milito said. "Our industry is committed to ensuring safe and environmentally responsible development of these domestic resources to help meet our nation's economic and energy needs."
API represents more than 480 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million 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.