API President Highlights Industry’s Role in Providing Affordable, Reliable Energy
“One thing I know to be true and that has been true for decades is that the world will always need energy, which is the foundation of our modern society,” said Gerard. “We will need more from every source – wind, solar, oil, natural gas, nuclear power, coal and biofuels as well as continuing to increase energy efficiency to meet the world’s ever-growing need for energy.”
Oil and natural gas companies are among the biggest investors in renewable energy sources, like wind and solar power, according to an analysis by T2 and Associates. The industry is also the largest investor in low-emissions technologies, with a greater impact than the federal government and nearly as large as all other industries combined.
The U.S. Energy Information Administration, which generates independent statistics and analysis for the federal government, projects that in 25 years oil and natural gas will still provide nearly 60 percent of America’s energy and more than 90 percent of our transportation fuels.
“Our industry is proud to provide Americans and people all over the world with affordable and reliable energy,” Gerard continued. “Oil and natural gas will remain integral to our way of life for decades to come and a key player in improving the standard of living for hundreds of millions of people worldwide.”
Greater access to domestic resources could create one million new jobs, generate $127 billion in government revenue in under a decade, and dramatically increase American energy production, according to a study by Wood Mackenzie.
Gerard delivered his remarks at a symposium hosted by Public Citizen.
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.
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