Industry leader advocates expanded production and unveils latest research
Yesterday in Washington, D.C., the American Petroleum Institute hosted its “The State of American Energy” speech, given by their president and CEO, Jack Gerard. On the eve of the 112thcongress, more than 200 hundred guests heard Gerard’s call for increased access to known reserves and an awareness of the disincentives associated with tax burdens.
API is a national trade association with 400 corporate members from the oil and natural gas industry, and Gerard’s speech coincided with the release of API’s “The State of American Energy” report. Gerard also introduced new research, “Energy Policy at a Crossroads,” from Wood Mackenzie, an international, energy consulting firm. The findings on offer and API’s prominence drew influential politicians such as Fred Upton (R-Mich.), incoming chairman of the House Energy and Commerce Committee, and leaders from other industries such as trucking, construction, and iron and steel. (Click the image above for a four-page summary of “The State of American Energy” report.)
Gerard began by asserting an inextricable link between the energy industry and economic concerns of Americans, particularly for employment and tax revenue. He noted 2.1 million workers directly employed in the oil and natural gas sectors, with salaries in the exploration and production phases at more than double the national average. Each day, according to API calculations, the U.S. Treasury receives $95 million in taxes from oil and gas revenues.
The state of American energy is strong,” he said, “but it will remain strong only if policymakers chart a course of opportunity and certainty.” In addition to predictability and consistency of oversight, he expounded two specific policy themes: greater access and restrained taxation.