WASHINGTON, October 3, 2012 – API President and CEO Jack Gerard said he was pleased that both President Obama and Governor Romney recognized the need for a national energy policy that expands domestic oil and natural gas in the first presidential debate, but he cautioned that the words must be backed up by actions.
“Significantly, both presidential candidates recognize the oil and natural gas industry as a robust economic engine that is creating jobs, sending billions of dollars to the government each year, and making our country more energy secure.
“New technologies such as hydraulic fracturing and horizontal drilling have created a game changing opportunity for fueling our own future. The energy boom is already transforming states like North Dakota into an economic powerhouse with low unemployment and significant government surpluses. Lower energy costs have also brought huge benefits to consumers and are driving a resurgence of manufacturing in the United States.
“Polling shows that voters want more oil and natural gas development. While both candidates support more domestic energy, actions must match the words. The next president must implement a national energy policy and lift existing restrictions on the responsible development of our vast energy resources, approve the Keystone XL pipeline, avoid burdensome regulations that chill economic investment, and resist the urge to regulate the very technologies that have made our energy boom possible.”
A recent API poll showed 72 percent of likely voters want more oil and natural gas development and 90 percent said it will create jobs.
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.