API President and CEO Jack Gerard congratulated President Obama on his re-election, saying he looks forward to continuing API’s work with the administration to expand domestic oil and natural gas as major pathway for job creation and economic growth:
"Americans have made their decision. We look forward to continuing our work with the president and helping him fulfill his campaign promise to increase domestic oil and natural gas production that will create American jobs and strengthen our economy. With both candidates supporting more development of America’s vast oil and natural gas resources, energy is a big winner in this election.
“Right off the bat, the president can approve the Keystone Pipeline and put thousands of Americans to work immediately. He can acknowledge the effective role states are already playing in regulating oil and natural gas production and avoid the temptation to impose duplicative and unnecessary regulations on hydraulic fracturing. By following through on his own executive order to eliminate overly burdensome regulations, he can rein in EPA’s plans to impose regulatory burdens that could cost businesses hundreds of billions of dollars and chill economic growth.
“The domestic energy from shale boom is just beginning. We have an unprecedented opportunity to work together to create millions of new jobs, generate hundreds of billions of dollars for our government, and strengthen our energy and national security. With the right public policies, this could be a game changer for America.”
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.