American Petroleum Institute President Jack Gerard says the energy industry can play a major positive role in the on-going economic recovery. He says energy is fundamental to America’s future and more domestic production only translates into more growth, jobs and government revenue. His comments came during the API’s annual “State of Energy” address Tuesday in Washington, DC
Describing what he called a "game changing opportunity," Gerard said that investments made by the oil and natural gas industries and the use of "ground breaking technologies" have lead to job growth across the country and higher revenues for the federal government. He predicted that these developments could shift the "geo-political dynamic" of global energy production to North America and the U.S.
He also advised the federal government to look at energy-friendly state policies by opening up the 80% of coastlines not available for energy exploration and development.
During a press conference following his speech, Gerard told reporters that he expected President Obama to approve the Keystone Pipeline, keeping with his campaign promise of following an "all of the above" energy agenda.
He also said that proposed tax reforms should allow U.S. energy producers to compete on a global scale and not discourage them through "punitive" tax policies.
The American Petroleum Institute is a national trade association representing more than 470 oil and natural gas companies.