Friday, January 15, 2010

Energy future...

API’s President and CEO Jack Gerard delivered a speech in Washington today about U.S. energy policy. It contains some statistics about the importance of oil and natural gas to the economy and explains that the industry is prepared to create jobs--without a government subsidy.

"As the public debate focuses on how to move to a vibrant energy future, we must recognize that oil and natural gas will continue to serve as the principal bulwark of our economy for many years to come. The U.S. Energy Information Administration projects that oil and natural gas will supply more than half our energy in 2030 – some two-and-a-half gallons of petroleum products a day on average for every man, woman and child in the United States and significantly expanded amounts of natural gas. We need to be investing now to meet this demand. The International Energy Agency has warned that failure to develop now the oil and natural gas resources to meet future needs could lead to a supply crisis."

"And all of this will mean millions of jobs, high tech jobs, traditional industry jobs and what has become known as green jobs. The U.S. oil and natural gas industry has already created very large numbers of green jobs. Green jobs to develop advanced batteries, biofuels and other alternatives. Green jobs for finding and implementing ways to decrease energy use. Green jobs to increase recycling. Green jobs for developing carbon capture and storage technology. And many more. Applying a green jobs calculation methodology developed by the Center for American Progress, the industry created about one million jobs related to green technology just from its 2000 through 2008 low-carbon investments."

"Producing all of this energy would spur vast job creation. An ICF International study conservatively estimates that developing the nation’s federal non-park oil and natural gas resources could create 160,000 new direct jobs while also generating more than $1.7 trillion in government revenue. And that doesn’t include potential development on private lands. According to a Penn State study, developing the natural gas in Pennsylvania’s Marcellus Shale, for example, could create another 175,000 new jobs – on top of the 50,000 already created there. Just today, it was reported that gas drillers bid $128 million to develop a tract of state land in Pennsylvania, generating double the revenue the state had targeted for the sale. That will mean jobs and more government revenue."

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