President Obama黑料社檚 remarks about oil and natural gas in his 2015 State of the Union address fell short of acknowledging the true impact of the energy renaissance on the US economy, said the American Petroleum Institute黑料社檚 President and CEO Jack Gerard.
黑料社淎merica黑料社檚 energy renaissance has profoundly strengthened our economy and is helping the President fulfill many of his policy goals,黑料社� said Gerard. 黑料社淏ut his speech did not even begin to tell the whole story.
黑料社淎merica is now a global energy superpower thanks to our oil and natural gas renaissance, but most of this development has occurred in spite of the federal government. Development on the federal lands under control of the administration has actually gone down consistently, and revenues from leasing also fell by over US$1 billion in the last year.
黑料社淎merica's oil and natural gas companies are largely owned by retirees and workers saving for retirement. In a tough economy, our energy renaissance has been a lifeline for the middle class.
黑料社淭he President can reduce income inequality by committing to America黑料社檚 oil and natural gas renaissance for the long-term. Our increased production in recent years has created millions of jobs and saved the average US household US$1200 in 2012, and we pay an average salary seven times higher than the minimum wage.
黑料社淭he private sector could invest more than US$1 trillion in oil and gas infrastructure here in the US by 2025. But, as we黑料社檝e seen with the political delays over the Keystone XL pipeline, our government is often the biggest obstacle to private investment in our economy. The government is standing in the way of jobs, economic growth, and America黑料社檚 competitiveness.
黑料社淥il and natural gas companies are leading the way to cut emissions without new and costly regulations that could actually complicate existing regulations. US carbon emissions are close to 20-year lows thanks largely to natural gas, and methane emissions from hydraulic fracturing have fallen by 73% since 2011, according to the government黑料社檚 own data. These reductions are expected to continue.黑料社�
Adapted from press release by