API Welcomes Call for Increased Oil Sands Development
Posted March 31, 2011
Today API released the following statement on oil sands development:
The American Petroleum Institute today praised the efforts by Representative Connie Mack (R-Fla.) to draw attention on the need to put Americans back to work, invest billions in the economy, and meet the growing demands for domestic energy. Today Mack called a hearing of his Western Hemisphere subcommittee on "Rising Oil Prices and Dependence on Hostile Regimes: The Urgent Case for Canadian Oil."
API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports more than 9.2 million U.S. jobs and 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
"Oil sands development in Canada will create more than 340,000 jobs, generate about $34 billion in revenue for the government, and increase our energy security at a critical economic time. We're hopeful the administration will recognize and acknowledge the significant benefits of the Keystone XL pipeline that will transport this critical energy to the United States, and allow for its construction to commence as soon as possible," said Cindy Schild, API's refining issues manager. "Already our nation's top supplier of imported oil, Canada's vast reserves are second only to Saudi Arabia, and offer a safe, reliable and readily available supply of secure energy," Schild said. "We need to get this critical project on track to provide the energy and economic security Americans need."A recent analysis by the Canadian Association of Petroleum Producers found that almost 1,000 U.S. companies in 47 states are suppliers of materials, equipment, training, and consulting or inspection services to support Canadian oil sands production operations.More than 65 U.S. Marine Corps, Air Force, Army, and Navy veterans recently sent a letter to Secretary of State Hillary Clinton expressing concern for America's energy security and urging the State Department to expeditiously approve the Keystone XL Pipeline project.