Carlton Carroll | 202.682.8114 | carrollc@api.org
WASHINGTON, September 8, 2011 – API President and CEO Jack Gerard called the president's jobs plan a 'missed opportunity' and said the oil and natural gas industry could create more than a million new jobs for Americans and more revenue for our government with a few sensible changes in national energy policy.
"The president missed an opportunity to pick the low hanging fruit of job creation," said Gerard. "Allowing the responsible development of more of America's vast domestic oil and natural gas resources could generate more than one million new jobs in just seven years, with thousands of shovel-ready jobs that could be created almost immediately."
Gerard cited a study released this week by Wood Mackenzie, sponsored by API, that shows the oil and natural gas industry can create 1.4 million additional jobs and more than $800 billion in additional government revenue by 2030.
"Raising taxes on an industry that already contributes more than $86 million every day to the federal government takes us in the wrong direction," Gerard said. "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."
The oil and natural gas industry actually created jobs in August, a month when there were zero net jobs created in the overall economy, according to the Bureau of Labor Statistics.
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.
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Bureau of Labor Statistics Data for August jobs
While the change in total nonfarm employment was 0 from July 2011 to August 2011, the oil and natural gas industry added 4,725 jobs during this period, according to the BLS. The oil and natural gas industry added 9,325 jobs over the June 2011 to August 2011 period.
Estimated Change in Oil and Natural Gas Industry Employment June to August, 2011:
July to August June to August
Oil and Gas Extraction 1,700 3,500
Support Activities for Mining (1) 1,425 6,375
Petroleum Refining (2) -300 -550
Gasoline Stations 2,300 600
Pipeline Transportation -400 -600
Total Jobs Added (change) 4,725 9,325
1. Allocates 75% of employment change associated with "Support Activities for Mining" to oil and gas industry based on historical data.
2. Allocates 50% of employment change associated with "Petroleum and Coal Products Manufacturing" to oil and gas industry based on historical data.
Source: http://www.bls.gov/news.release/empsit.t17.htm