API Welcomes Federal Report

Showing Stimulus from Oil, Gas

The American Petroleum Institute (API) is commending a report from the U.S. Energy Informa­tion Administration, the independent statistics arm of the U.S. Department of Energy, revealing that the oil and natural gas industry created jobs 40 times faster than the broader economy from 2007 to 2012. EIA also explained that, despite the economic recession, the high-paying jobs provided by the industry delivered an amplified boost to America’s economic growth.

“Oil and natural gas have been pillars of eco­nomic strength during a very difficult time, and this is just the beginning,” said API chief economist John Felmy. “If Congress and the administration are willing to support America’s domestic energy production, oil and natural gas are poised to fuel an economic renais­sance.

“To unlock that potential, Washington needs to expand access to domestic energy resources, speed up permitting, and end the broken ethanol mandate. This is proof positive that we have a tremendous opportunity to create millions of jobs, increase household wealth, and secure America’s energy future.”

API notes that the federal figures reflect just one portion of the industry’s immense contribution to America’s economic recovery. A recent report from Price Waterhouse Coopers covering production, as well as refining, distribution, and other aspects of the industry, showed that oil and natural gas supported 9.8 mil­lion American jobs in 2011, an increase of more than 600,000 jobs in just two years.