API: jobs would come with U.S. energy production

The American Petroleum Institute has released a report indicating that proposals to expand offshore oil drilling, boost production of natural gas in New York and other states and build a Canada-to-Texas oil pipeline could boost the U.S. economy. Jack Gerard, API President, is quoted as saying that the group’s proposals could help make the U.S. less dependent on foreign energy sources while generating billions in new government revenue. The report called on the State Department to approve the planned $7 billion Keystone XL pipeline that would carry crude oil extracted from the oil sands in Alberta, Canada, to refiners along the Texas Gulf Coast and also called for New York state officials to lift a de facto moratorium on natural gas drilling. Gerard said that, besides creating a million new jobs, API’s proposals could generate an additional $800 billion in revenue over the next two decades and double oil and gas production by 2030.

Previous articleProserv set to expand
Next articleVictaulic and MTS to launch new pipe system