API comment: Obama's QER

API Executive Vice President Louis Finkel said the Obama administration’s Quadrennial Energy Review (QER) highlights the need to invest in US infrastructure, which will create jobs, enhance energy security and enable a cleaner energy future.

“The QER reflects the Department of Energy’s own prediction that by 2040 Americans will still need oil and natural gas to meet more than 60% of their energy needs,” said Finkel. “If the president wants to achieve our nation’s full energy potential and play a key role in this equation, he should put this industry to work. Essential infrastructure improvements in just the oil and natural gas area could, over the next decade, attract as much as US$1.15 trillion in new private capital investment, support 1.15 million new jobs, and add US$120 billion on average per year to our nation’s GDP.

“More and more people now recognise that America is leading the world in reducing greenhouse gasses, with carbon emissions near 20 year lows thanks to abundant natural gas development and investments by our industry in zero- and low-emissions technologies. These investments are larger than those of the federal government and nearly as big as all other industries combined.

“Not only are we fuelling a cleaner economy, we are becoming an energy superpower and creating millions of new jobs here at home. Low cost energy is also creating a manufacturing renaissance and an opportunity economy that will benefit all Americans."API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million US jobs and 8% of the US economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 25 million Americans.


Adapted from press release by Hannah Priestley-Eaton

Published on 22/04/2015


Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


 
 

Related articles

API call for commitment

API calls offshore leasing proposal a test of commitment to being the world leader in energy.

API argues against SEC’s anti competitiveness regulations

The American Petroleum Institute has presented oral arguments to the US District Court for Columbia on API’s lawsuit challenging the US Securities and Exchange Commission’s implementation of Section 1504 of the Dodd Frank Act.

API applauds the absence of tax rises in US debt ceiling deal

API CEO releases a statement in support of budget negotiators of the bipartisan debt ceiling bill, which passed through Congress on August 2nd.

API calls for recognition of oil and gas companies’ contributions to the US economy

As first quarter earnings are made public, API states that the oil and gas industry’s importance to the US economic recovery should not be understated.

Recommend magazines

  Hydrocarbon Engineering  Oilfield Technology  World Pipelines