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Oil and gas investments vital to nation's economy and future prosperity
January 8, 2013 -- American Petroleum Institute

API President and CEO Jack Gerard told reporters and Washington guests attending API's State of American Energy event today that through massive investments in energy the U.S. oil and natural gas industry was providing solutions to pressing issues impacting the nation's economic future. He said he welcomed President Obama's campaign promise to support oil and natural gas development as part of an all-of the-above energy strategy, and he announced a new report on how the industry's investments in America could continue to help achieve its economic and energy security goals:

"With a newly-elected Congress and a president beginning his second term, we are standing on the threshold of a new year - one that presents tremendous opportunities to move forward on building our economy and creating jobs for Americans who are looking for work. The oil and natural gas industry has been a bright spot in the last few years of sluggish economic growth and listless job creation and we are ready to do more.

"There is a new energy reality for the United States - a reality of vast domestic resources of oil and natural gas. The reality is that our energy supply is no longer limited, foreign and finite, but is now American and abundant, greatly enhancing our national security. We have a game-changing opportunity to make the U.S. the global leader in energy. If we seize the opportunity now, we will be positioned to lead for decades and realize the economic and energy security benefits of that leadership."

API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 500 members - including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms - provide most of the nation's energy. The industry also 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 over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

Bill Bush -- 202.682.8114 -- bushw@api.orgShareThis

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