From: Jack Gerard, API
To: David Lifferth,
Subject: America’s Energy, America’s Choice
Date: Wed Jan 08 15:47:39 MST 2014
Body:
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    January 8, 2014  

Choosing Policies that Promote Oil and Natural Gas

In this week’s State of American Energy address, I outlined America’s once in a lifetime opportunity to reshape, realign and reorder the world’s energy market and improve domestic prosperity to an unprecedented degree. Watch the video to learn more about the America’s Energy, America’s Choice campaign.

VIDEO: The State of American Energy

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    America’s Energy, America’s Choice      
           
   

Dear David,

In 2013, the U.S. surpassed Saudi Arabia and Russia to become the world’s leading producer of oil and natural gas. This revival in American energy production brings opportunities for job creation, economic growth and enhanced energy security. But to realize the full benefits of our new energy abundance, we must make the right choices.

This year’s State of American Energy report sets forth the opportunities within reach if we choose to take greater advantage of domestic oil and natural gas resources.

Choosing a stronger economy and job growth: The oil and natural gas industry contributes $1.2 trillion in U.S. GDP and supports 9.8 million U.S. jobs -- with the average upstream oil and natural gas job paying roughly seven times the federal minimum wage rate. With the right policies, we will see:

  • 452,000 net U.S. job growth due to LNG exports by 2035
  • 500,000 new jobs supported by new oil sands development within 20 years
  • 166,000 jobs held by African American and Hispanic workers between 2010-2020 in the upstream industry alone
  • $127 billion increase in government revenue and 1.1 million new jobs added through increased development of our energy resources

Choosing a secure energy future: Last October, the U.S. produced more oil than we exported for the first time in 24 years. Expanded domestic production brings us closer than ever to energy self-sufficiency:

  • By 2024, the U.S. could meet 100 percent of our liquid fuel needs from stable North American sources
  • According to the Energy Information Administration, U.S. oil production will approach 9.6 million barrels per day by 2016 – a level not achieved since 1970 – while natural gas production will hit 100 billion cubic feet per day by 2040
  • The gap between domestic production and consumption will shrink by an estimated three-quarters by 2040

Oil Inputs  

Choosing innovations and infrastructure: Updating the pipelines, storage, processing, rail and marine components that make up our energy infrastructure is critical to ensuring the efficient transportation of oil and natural gas to refineries and on to businesses and consumers. According to a new study by IHS, infrastructure investments will have a significant economic impact, contributing on an average annual basis:

  • $120 billion in economic growth and $27.5 billion in government revenue
  • 1.1 million jobs and $75 billion in worker income
  • $1.14 trillion in capital investment by 2025

We’ve reached a critical point in the American energy revolution where we can choose to build on the progress made possible by our abundant resources and technological innovation. Let’s make 2014 the year we seize the opportunity for a bright energy future.

Sincerely,

Jack Gerard
President and CEO
API

     
     
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