American Petroleum Institute President and CEO Jack Gerard made the following statement on President Obama’s response to disappointing job numbers and ongoing discussions towards agreement on the debt ceiling:
‘If the President wants to put thousands of Americans to work ‘right now,’ as he said [on July 8], we urge him to speed up oil and gas permitting in the Gulf of Mexico, Alaska and elsewhere, and approve the Keystone XL pipeline project. That could put thousands of Americans in jobs this year. Greater access to America’s oil and natural gas now off limits could multiply these job numbers over time while generating hundreds of billions of dollars in additional revenue for our government.
‘We’re ready to invest to create jobs, support economic growth, increase government revenues, bolster retirement benefits, and enhance domestic energy security. But we can only do this if the government gives us a green light. We urge the president and Congress to recognise our industry as a powerful part of the solution as they seek a deal on the debt limit and the overall budget.’
On July 11, API and the National Ocean Industries Association will release a jointly commissioned study estimating the potential jobs, economic growth and revenue benefits of a balanced regulatory approach to offshore Gulf of Mexico oil and natural gas development.