API to Administration: 'Increased Domestic Production Moves Energy Dialogue Forward, Middle Road Approach Won't Solve Needs'

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May 14, 2011, 06:20 ET

WASHINGTON, May 14, 2011 /PRNewswire-USNewswire/ -- American Petroleum Institute Upstream Director Erik Milito said President Obama's weekly address could have gone further to capitalize on the opportunities available for American energy production, jobs and economic growth.

"The President has acknowledged the need to increase environmentally sound oil production here in the United States," said Milito. "While this is a step forward for the national discourse on America's energy future, we hope that these proposals are only the first in a series towards a more robust national energy plan.

"If given access to key shale reserves, if we can get the oil sands pipeline built that will allow us to import more crude from Canadian oil sands, and if we can access areas of the US that are currently off limits, our industry can create over a million new jobs and generate over $194 billion in revenue for the government in the next 15 years.

"While the president's strategy includes a couple of positive nuggets, America has two major issues to deal with – jobs and the deficit. Including increased taxes will lead to a drop in domestic production, domestic jobs, and domestic revenues. The oil and natural gas industry already supports 9.2 million American jobs and with a dedicated approach to domestic energy production, our industry can put more Americans to work and help decrease the deficit."

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, 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 more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

SOURCE American Petroleum Institute