As prepared for delivery
Press briefing teleconference post-election energy policy
Jack Gerard, API president and CEO
Thursday, November 8, 2012
Opening statement:
Good morning everyone. America has spoken, and I congratulate President Obama on his re-election victory.
Energy was also a winner in this election! We’re very encouraged by the prominent role energy played in campaigns throughout the country … and pleased that our Vote 4 Energy initiative promoted this important issue as a critical part of the national conversation.
We’re also encouraged by the president’s strong commitment to oil and natural gas development as an essential part of his all-of-the-above energy strategy that he repeatedly emphasized during the campaign.
The voters support that, too. Polling conducted by API immediately after Tuesday’s election shows that 73 percent of voters favor increased access to U.S. oil and natural gas resources, 91 percent believe more oil and natural gas development could lead to more U.S. jobs, and 86 percent believe it could lower energy costs for consumers.
Large majorities also want to see restrictions on offshore development lifted, favor building the Keystone XL pipeline, and believe higher energy taxes could hurt consumers.
We look forward to working with the president and the new Congress to address the number one priority of voters: creating jobs and growing the economy. Our industry is well positioned to continue fueling a strong recovery and producing the energy our nation needs.
Americans deserve an energy policy that reflects their views and that will build a stronger, more prosperous, more secure future. Our elected leaders now have an opportunity to make that happen.
We must take greater advantage of America’s tremendous energy resources, including our growing reserves of oil and natural gas. Developing at home more oil and natural gas can help rebuild our economy while providing affordable and reliable energy for our families and businesses.
More domestic development can help put millions of Americans to work, enhance American competitiveness, deliver billions more in revenue to our government, and reduce our dependence on imported energy. It can positively impact global energy markets and strengthen our hand in international affairs.
We already have clear examples of how the revolution in shale energy development on private and state lands in places like North Dakota, Pennsylvania and Texas is transforming the economies of those states.
Technological innovations in directional drilling and hydraulic fracturing by America’s oil and natural gas companies have substantially increased domestic oil and natural gas production, created tens of thousands of jobs, and provided a significant lift to the economy. And, according to IHS Global Insight, during the recession shale energy development saved the average American family $1,000 on energy costs and lifted U.S. GDP a full percentage point.
Shale energy development has also been a key factor in the nation’s declining imports. Liquid fuel imports now constitute just 42 percent of what America now consumes.
In addition, investments by our industry in new natural gas development in particular have been a key contributor to reducing U.S. carbon dioxide emissions to 1992 levels.
The election is over. Now we turn to governing. The president has promised America’s voters energy development and jobs. That includes development of more of our nation’s oil and natural gas, which is essential to meeting our future energy needs. Voters clearly support this approach.
We now look forward to working with the administration and the Congress to help make that a reality.
Thank you. And now I’d be happy to take your questions.