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Jack Gerard Speech to Los Angeles World Affairs Council

Jack Gerard Speech to Los Angeles World Affairs Council

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Published by Energy Tomorrow
On May 11, 2011, Jack Gerard, President and CEO of API delivered remarks to the Los Angeles World Affairs Council. Highlighted in his remarks is the need for greater American energy security.
On May 11, 2011, Jack Gerard, President and CEO of API delivered remarks to the Los Angeles World Affairs Council. Highlighted in his remarks is the need for greater American energy security.

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Published by: Energy Tomorrow on May 25, 2011
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11/09/2012

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AS PREPARED FOR DELIVERY1
Remarks by Jack Gerard, President and CEO, APILos Angeles World Affairs CouncilMay 17, 2011
Thank you. It’s nice to be here at the L.A. World Affairs Council today.
 I appreciate this opportunity to speak about one of the most pressing issues of our time --
energy. It’s an
issue that affects us all.
 
Let me begin with a brief overview of API.
 
API is the only national trade association that represents all aspects of A
merica’s oil and natural
gas industry.
 
We have more than 470 corporate members.
 
Some are among the largest companies in the world.
 
Other member companies have just a handful of employees.
 
They are producers, refiners, drilling contractors, pipeline operators and marinetransporters.
 
They are the service and supply companies that support all segments of the industry.In Washington, when you mention Los Angeles, most people think of Hollywood. And movie stars. Andbeautiful beaches. And palm trees. And sunshine.
And many other attractions that you won’t find in Washington D.C.
 
But mention Los Angeles, and most people won’t think of oil.Yet, we are just a few miles from some of the most legendary and productive oil fields in our nation’s
history.
 
In the 1920s, California supplied the world with a quarter of its oil.
 
The Long Beach Oil Field alone supplied America with a quarter of its oil.
 
Just to the south is the Wilmington Oil Field; the third largest ever discovered in the contiguousUnited States.
 
It’s been producing oil since 1932 and estimates are that the Wilmington Field still has 35 million
barrels.Oil helped build Los Angeles.
 
New homeowners put oil derricks in their backyard, hoping to strike it rich.
 
Beverly Hills was an oil field before it was a fashion center.
 
One author described Los Angeles as the Kuwait of the Jazz Age.Oil created jobs and wealth in L.A. That wealth soon attracted other industries, most notablyentertainment and aviation.
But many don’t realize how important oil was in building California. And many probably don’t realizehow important oil is for today’s California economy.
 
 
AS PREPARED FOR DELIVERY2How important? How about:
 
900,000 total jobs important.
 
7 percent of GDP important.
 
$62 billion in wages important.In fact, comparing the o
il and natural gas industry’s impact on the California economy to other
industries may surprise some of you.The California oil and natural gas industry compares in size to the motion picture and TV industry.Motion pictures and TV directly employ 210,000 people, compared to about 164,000 employees directlyemployed by oil and natural gas. But oil and natural jobs gas jobs tend to deliver higher salaries, paying
$19 billion in total wages yearly, more than the film and TV industry’s $16.7 billion in
wages.California supports more employment in the oil and natural gas industry than any state other thanTexas. Twenty-three of our member companies are headquartered here, and many others haveoperations in the Golden State.This data is part of a fre
sh study API commissioned this month to gauge the oil and natural gas industry’s
impact on the economy.
 
The results showed that in 2009, a time of global recession, our industry remained the backboneof the U.S. economy.
 
This latest update shows that our
sector’s impact on the economy actually
GREW 
during therecession.The oil and natural gas sector:
 
Supports 9.2 million American jobs, accounting for 5.3 percent of total U.S. employment.
 
Our sector adds $1.1 trillion to the economy, fueling 7.7 percent
of the nation’s GDP.
 
 
We pay $500 billion in wages.
 
We meet more than 60 percent of the nation’s energy demands and supply 90 percent of the
fuel used in cars and trucks.
There’s no other way to see it: the oil and natural gas fuels the economy, just as i
t fueled the growth of this great city.The future is going to require a lot of energy, of all kinds. World energy consumption is projected togrow nearly 50 percent by 2035.Renewable energy is projected to increase by nearly 200-percent by 2035, thanks to leadership andinvestment from our own industry and others.
 
The oil and natural gas industry invested $58 billion on zero- and low-carbon emissiontechnology between 2000 and 2008.
 
One in five dollars invested in renewable technology comes from the oil and natural gasindustry.
 
AS PREPARED FOR DELIVERY3As energy needs grow, our energy supplies will need to grow with them. That will include a robustrenewable energy sector.But the U.S. Energy Information Administration projects that renewables will meet only about 13p
ercent of the nation’s energy needs in 2035, with oil and natural gas supplying about 55 percent.
 For the sake of our future, we need renewable energy technology to grow. But, for the sake of oureconomy, oil and natural gas will remain a key part of our energy sector for decades to come.Our economy is struggling and our industry has the power to help. We could invest more, create more
 jobs, increase revenue to our government and produce more of what we consume. But we don’t have
enough access to our n
ation’s ample reserves to make this happen.
We are ready to get back to work. We need to get back to work. Poll after poll show that Americansagree. The latest
 –
a CNN poll released just a few weeks ago
 –
shows 69 percent of Americans supportexpanded offshore drilling.They see our industry as an engine that can create jobs, secure our energy supplies and improve theeconomy. And they are right.Expanding access to currently off-limit areas holds tremendous promise for job growth.
 
In 2010, oil and natural gas companies created 57,000 new jobs in Pennsylvania and WestVirginia through natural gas development in the Marcellus Shale formation.
 
These are good paying, stable jobs that are in demand.
 
Efforts in the 90s to encourage deepwater exploration and development are responsible for thetremendous amount of oil and gas produced today, and for the creation of thousands of new jobs.
 
North Dakota lead Gallup’s Job Creation Index, thanks to the record
-breaking oil productionnumbers.
o
 
It may surprise you to learn that North Dakota is now the fourth-largest producer of oiland natural gas, behind Texas, Alaska and California.
o
 
The growth of the industry there is the key reason the state boasts a 3.8 unemploymentrate, I believe the lowest in the nation. It has a projected $1 billion budget surplus.We can do more. Up to one million jobs can be created through pro-growth policies.
 
Expansion of Marcellus Gas Shale exploration in the northeast could create 280,000 jobs by2020.
 
Opening access to off-limits federal areas can create 500,000 jobs by 2030.
 
340,000 American jobs would be created through full production of the Canadian oil sands.
 
And while we may be a few years from large-scale commercial development of oil shaleresources, positive policy decisions related to this tremendous resource could create up to100,000 new jobs.But we still face too many self-inflicted restrictions by government policy.

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