API welcomes administration’s focus on infrastructure
WASHINGTON, May 11, 2015 – API President and CEO Jack Gerard said industry can help achieve the Obama administration’s goal of creating a modern infrastructure system for this country.
“We welcome the administration’s call to action on infrastructure, now we need them to act – our industry is ready to go to work,” said Gerard. “Essential infrastructure improvements in just the oil and natural gas area could, over the next decade, attract as much as $1.15 trillion in new private capital investment, support 1.15 million new jobs, and add $120 billion on average per year to our nation’s GDP.
“America is the number one producer of natural gas in the world and we’ll soon be number one in oil, but we cannot deliver these products to consumers without a modern infrastructure system.
“We need pipelines like Keystone XL to fully realize our energy potential. Pipelines are one of the safest modes for transporting product and we need more of them. Keystone is but one example of a pipeline that, if approved, could benefit consumers by increasing the amount of fuel to the market place while stimulating job and economic growth, and all without costing taxpayers a dime.”
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.