WASHINGTON, October 25, 2012 – American Petroleum Institute President and CEO Jack Gerard told attendees
at a Vote 4 Energy event in the nation’s capital that developing America’s oil and natural gas resources could put millions of Americans to work and help sustain a strong economy for generations.
“Investing more in American energy can transform our economy,” said Gerard at API’s Energy and the Economy forum. “We’ve already witnessed a massive first installment of job-creating projects in places like Pennsylvania, North Dakota and Texas, but far more job growth is possible if we had more regulatory certainty and less red tape. Getting energy policy right is key to facilitating greater job creation.”
A panel at the API event examined how energy can help the economy, including the potential impacts of unconventional oil and natural gas development reported on in a new study API helped commission. The study, which was conducted by IHS Global Insight, concluded that unconventional oil and gas development could generate more than $5.1 trillion in added investment through 2035, producing 3.5 million jobs and $2.5 trillion in revenue for government.
“America,” Gerard said, “will need more energy, including more oil and natural gas and more renewables. It has vast amounts of oil and gas within its own borders and the capital, technology and best practices to produce them in an environmentally responsible fashion. Most Americans support more development.”
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.