WASHINGTON, May 23, 2013 – The administration could do more to address gasoline prices by supporting more U.S. oil and natural gas development and by avoiding harmful tax increases and unnecessary regulations, API Chief Economist told reporters this morning:

“The White House says it’s concerned about gasoline prices. But its energy policies aren’t helping the American people much. And some of its proposals, especially those on taxes, and a barrage of new regulations are a recipe for disaster.

“Increasing oil production in the United States would help consumers. It would add supplies that would help put downward pressure on gasoline prices. And even a decision to encourage more production would signal to markets that more supply was on the way. More production also would reduce reliance on imported energy from less stable nations, and it would mean more jobs and more revenue to government. A full program of domestic oil and natural gas development could generate $1.8 trillion in government revenue, according to ICF International.

“The administration needs to stop obsessing about raising taxes on a single industry. The oil and gas industry pays its fair share. It delivers substantial revenue to our government – about $85 million a day – and pays income tax at effective rates higher than most other industries."

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 $85 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.