(CNSNews.com) – Jack Gerard, president and CEO of the American Petroleum Institute, said that if the Obama administration and Congress would allow the industry access to domestic oil and natural gas reserves, the United States would get the energy it needs, create hundreds of thousands of jobs, and the government would add more than $1.7 trillion to its coffers.
“The state of American energy must be strong in order for the American economy to thrive,” said Gerard in a speech at the Newseum on Tuesday. “How then do we strengthen the state of American energy?”
“For starters, there are vast reserves of domestic resources that are currently off-limits to exploration and production: billions of barrels of oil and trillions of cubic feet of natural gas ... onshore and off,” Gerard said. “And those estimates are most likely conservative given our past experience and new advanced technologies.”
It is estimated that the
In API’s new report, “The State of American Energy,” which was released at the event, details how
“Thankfully, America has vast domestic energy resources – enough oil and natural gas on federal lands alone to power 65 million cars for 60 years and heat 60 million households for 160 years,” the report states.
A study by Wood Mackenzie, also released at the event, shows that increased access to America’s oil and natural gas reserves could, by 2025, create 530,000 jobs, generate $150 billion in taxes, royalties, and other revenue for the government, and “boost domestic production by four million barrels of oil a day,” stated API in a press release.
On the other hand, “Raising taxes on the industry with no increase in access could reduce domestic production by 700,000 barrels of oil equivalent a day (in 2020), sacrifice as many as 170,000 jobs (in 2014), and reduce revenue to the government by billions of dollars annually,” stated the release.
The API report, State of American Energy, estimates that the offshore drilling regions in the
On a related note,
Gerard further explained how the oil and natural gas industry could create hundreds of thousands of jobs if the federal government would allow the
The Canadian Energy Research Institute, for instance, estimates that increased production would stimulate both the
At a press conference following his presentation at the Newseum, Gerard said the majority of Americans support developing domestic energy sources both on and offshore, a task he said the oil and natural gas industry can do if restrictions are lifted on vital resource exploration.
“We have the opportunity here to create jobs, to increase the revenue of the federal government, and we can do it on American soil, with American workers,” said Gerard.
He also said that between 2004 and 2007 the gas and oil industry created 2 million
“We have the ability, in the
The API represents more than 450