API chief executive urges US to expedite offshore permitting programs
American Petroleum Institute (API) CEO Jack Gerard said on Friday that speeding up offshore permitting programs in US waters could allow President Barack Obama to reverse disappointing employment numbers while generating additional revenue to help with the debt crisis.
"If the President wants to put thousands of Americans to work ‘right now,’ as he said today, we urge him to speed up oil and gas permitting in the Gulf of Mexico, Alaska and elsewhere, and approve the Keystone XL pipeline project,” Gerard said.
“That could put thousands of Americans in jobs this year,” he continued. “Greater access to America’s oil and natural gas now off limits could multiply these job numbers over time while generating hundreds of billions of dollars in additional revenue for our government.
"We’re ready to invest to create jobs, support economic growth, increase government revenues, bolster retirement benefits, and enhance domestic energy security.
“But we can only do this if the government gives us a green light. We urge the president and Congress to recognize our industry as a powerful part of the solution as they seek a deal on the debt limit and the overall budget."
On Monday, API and the National Ocean Industries Association say they will release a jointly commissioned study estimating the potential jobs, economic growth and revenue benefits of a balanced regulatory approach to offshore Gulf of Mexico oil and natural gas development.
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