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Jack Gerard Holds Press Call on US Global Leadership in Energy Production and Emission Reduction

U.S. Global Leadership in Energy Production and Emission Reduction
API President and CEO Jack Gerard

Opening statement as prepared for delivery

Good morning, thank you for taking the time to join the call.

As the summer winds down and in light of tomorrow’s 20th annual Lake Tahoe summit where President Obama is expected to address his legacy on environmental issues, we’d like to highlight the progress that our nation has made leading the world in the production of oil and natural gas and in the reduction of carbon emissions, which are near 20-year lows. It’s important to note that we are second to none in both.

The reduction in CO2 is not driven by government regulation or international treaty, but by U.S. ingenuity and the power of the marketplace to drive change.

We call it the U.S. model. 

Thanks to America’s 21st century energy renaissance, which is largely due to technological advances in hydraulic fracturing, we are not only improving our environment, but we are providing savings to American consumers in a big way.

Abundant energy helped American consumers save, on average, over $550 on transportation fuel costs last year while average U.S. disposable household income was $1337 higher given lower home energy costs and other savings brought about by unconventional development.

Increased access to affordable, reliable and abundant domestically produced energy also gives U.S. manufacturers a competitive edge and reduces costs in energy and raw materials including steel, chemicals, refined fuels, plastics, fertilizers and numerous other products.

When it comes to jobs, it’s estimated that America’s oil and natural industry could support as many as 1 million additional American jobs in 2025 and as many as 2.3 million jobs in 2030.

These are well-paying jobs for workers in the upstream, midstream and refining sectors of our industry with the average annual salary of more than one-hundred thousand dollars per year which is close to double the national average.

As we think about energy policy this election season, we should listen to American voters on the direction of our nation’s energy policy.

Seventy-seven percent of voters want increased production of oil and natural gas resources located here in the U.S. - including 94 percent of Republicans, 73 percent of Independents, and 64 percent of Democrats.

Seventy percent of voters strongly support the role of natural gas in reducing greenhouse gases – including 80 percent of Republicans, 66 percent of Independents, and 63 percent of Democrats.

It could not be more clear that American voters recognize the importance of all energy sources, including clean-burning natural gas.

American voters also reject the false choice, advanced by some, between increasing domestic energy production and improving the environment.

President Obama’s legacy on the environment has yet to be written. In his last few months in office, President Obama has an opportunity to promote, not restrict, American energy production.

We’re hopeful that his comments tomorrow acknowledge the progress that our industry has made, through innovation and in technological advancement, leading the world in the production of oil and natural gas and in the reduction of carbon emissions which are near 20-year lows.

With that, I’ll be happy to take your questions.