WASHINGTON, November 12, 2012 – API Chief Economist John Felmy said today’s IEA report
reaffirms that record U.S. domestic oil and natural gas resources are a big opportunity to create jobs and government revenue that no one predicted even ten years ago:
“Today’s IEA announcement affirms that the United States can use its ample supply of oil and natural gas to be a world leader on energy. This opportunity is driven by American ingenuity that has advanced technologies to safely develop energy from shale.
“The shale revolution in America is just beginning. We have an unprecedented opportunity to create millions of new jobs and generate hundreds of billions of dollars for our government. With the right public policies and government leadership, this could be a game changer for the United States and the global energy landscape.
“In order to move forward with this remarkable opportunity, we must avoid public policies that raise taxes, impose burdensome and unnecessary regulations, or pit one energy source against another. The administration must acknowledge the effective role states are already playing in regulating oil and natural gas production and avoid the temptation to impose unnecessary and duplicative federal regulations on hydraulic fracturing. By following through on his own executive order to eliminate overly burdensome regulations, President Obama can rein in plans to impose regulatory burdens that could cost businesses hundreds of billions of dollars and chill economic growth.”
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.