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Industry plan is better choice for jobs and revenue growth

WASHINGTON, September 15, 2011 – API Executive Vice President Marty Durbin told reporters today that more pro-development oil and natural gas policies could provide a major boost to the nation's economy and create more than one million jobs.He said the President's proposal to increase taxes on the industry in the administration's jobs plan would have the opposite result and ultimately result in lost jobs and revenue.Durbin said API would be providing its comparison of the two approaches to the budget super committee in Congress as well as to other policymakers and the public:

"As the president speaks every day about the need for job creation and deficit reduction, we'd like to once again make the case directly to the White House that America's oil and natural gas industry provides a critical opportunity to help address both issues.Unfortunately, the administration seems to be looking past this opportunity and making choices that take us in the wrong direction.

"The president would pay for his jobs plan, in part, by imposing at least a $44 billion tax increase on our industry. Doing so would result in fewer jobs, less government revenue and less energy production.This is the wrong choice.

"A study we released last week shows that with pro-development policies in place America's oil and natural gas industry could create one million jobs in just seven years, generate $800 billion in government revenue by 2030 and greatly increase our energy production – on the order of 10 million barrels worth of energy per day more.This is the right choice."

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.

Please see below the full text of API Executive Vice President Marty Durbin's remarks as prepared for delivery as well as API's America's Choice brochure:

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