WASHINGTON, January 24, 2012 – Jack Gerard, President and CEO of the American Petroleum Institute, presented remarks to reporters this morning commenting on an expected statement from the president in his state of the union address this evening supporting more domestic energy development:
"We welcome this change of course…. We're hopeful that his commitment to energy development will be followed by changes in policy that would not only support the growth EIA envisions but take it to another level.
"The truth is, that the administration has sometimes paid lip service to more domestic energy development, including more oil and natural gas development. We hope today is different and that after tonight he will follow through.
"The reality is we will need more oil and natural gas in our future. We can continue to import it – or change policy and produce it and many more thousands of jobs at home.
"The administration has an opportunity to turn energy policy in a direction that could provide huge benefits to our economy. And if the President is sincere in this, our industry will work very hard with him to make it happen."
API represents more than 490 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 $85 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.