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API Highlights Missed Opportunity for New Jobs & Revenue in President Obama’s Energy Proposal

WASHINGTON, March 15, 2013 - President Obama’s proposed Energy Security Trust misses a key opportunity, API Group Director for Upstream & Industry Operations Erik Milito said today:

“Eighty-three percent of federal lands and waters are still off limits to oil and natural gas development. By failing to unlock new areas for energy production, the president’s plan misses a golden opportunity to create jobs and generate billions of dollars in government revenue.”

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.

American Petroleum Institute

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