WASHINGTON, February 12, 2012 – API President and CEO Jack Gerard welcomed President Obama’s State of the Union call to invest in more domestic oil and natural gas, saying that more development will create jobs and help us become an energy superpower:
“President Obama recognized the oil and natural gas industry as a robust economic engine that is investing in American jobs, generating billions of dollars for the government each year, and making our country more energy secure.
“Even with the aggressive expansion of renewable and alternative energy, oil and natural gas will continue to provide the majority of the energy necessary to heat our homes, run our businesses, and fuel our cars for decades to come. We’re going to need all sources of energy to fuel a growing economy.
“Unfortunately, 83 percent of the land and offshore areas controlled by the federal government are still off-limits to oil and natural gas development. President Obama must follow through by implementing a national energy policy, lifting existing restrictions in support of responsible development of our vast energy resources, approving the Keystone XL pipeline, and standing up against unnecessary and burdensome regulations that 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.