Generating Cash From Home

Let the US Oil and Gas Industry Create New Jobs

In recent days, the markets have signaled concern about the economy.  Amid disappointing employment figures and lagging economic indicators, consumers, investors and businesses are searching for some bright spot in the market. The oil and gas industry, which has consistently shown strength during this lengthy economic downturn, has the potential to help lift our economy if the right energy policies are in place.   

One way to help restart our economic engine is to encourage new investment and growth in the energy sector, which currently supports more than 9.2 million American jobs.  

We stand ready to create thousands of new jobs and generate billions of additional dollars for the economy by safely developing new energy sources right here at home. 

According to a recent analysis by the American Petroleum Institute, oil and natural gas companies contributed more than $470 billion to the U.S. economy in spending, wages and dividends in 2010.  This is more than half the size of the 2009 federal stimulus package – yet this stimulus did not require a Congressional vote or taxpayer dollars.  Additionally, our industry is a tremendous revenue source for cash-strapped federal, state and local governments – paying about $86 million a day in taxes, fees and royalties. 

The U.S. is an energy powerhouse.  Estimates of our resource potential are considerable.  For example, many experts believe the U.S. could have enough oil offshore to power more than 130 million cars for 25 years and enough natural gas for 70 million homes for 90 years.  

With the advent of new technologies, we are constantly improving our abilities to access more supply safely.  For instance, the Gulf of Mexico continues to present new opportunities.  

Early in my career, drilling in 600 feet of water was just about the limit of our capabilities.  Now, we are drilling in 10,000 feet of water down to a total depth of nearly 30,000 feet – five miles beneath the water’s surface.  As a result, the Gulf of Mexico now accounts for more than a quarter of U.S. oil supplies and more than 10 percent of our natural gas supplies.  We can grow our offshore supply by expanding beyond the areas where we are able to explore and produce. 

Additionally, our industry’s advances in technology are leading us to previously unimagined supplies of natural gas that have the potential to transform the energy landscape of our nation.

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