US President Barack Obama quickly cited the country's improved oil and gas outlook when he declared that his administration and congressional Democratic leaders have rebuilt the US economy on a new foundation for growth and prosperity. This progress came in spite of-not because of-their efforts, American Petroleum Institute Pres. Jack N. Gerard promptly responded.
Obama told a Northwestern University audience on Oct. 2 that this new economic foundation's first cornerstone was "new investments in the energy and technologies that make America a magnet for good, middle-class jobs."
He asserted, "So as soon as I came into office, we upped our investments in American energy to reduce our dependence on foreign oil and strengthen our energy security. And today, the world's No. 1 oil and gas producer is no longer Russia or Saudi Arabia. It's America."
The US is producing more crude oil than it imports for the first time in nearly 2 decades, Obama said. "We're advancing so fast in this area" that the US will meet the goal he set 2 years of cutting oil imports in half by 2020 "this year, 6 years ahead of schedule," he said.
At the same time, tens of thousands of people have gone to work manufacturing wind turbines and installing solar panels on homes and businesses, Obama said. "We have tripled the electricity that we harness from the wind. We have increased tenfold what we generate from the sun," he said.
Finally, said the president, "our 100-year supply of gas is a big factor in drawing jobs back to our shores. Many are in manufacturing, which produces the quintessential middle-class job."
There's progress, but...
It was too much for Gerard. "We appreciate the president once again acknowledging the economic success that has been driven by America's oil and gas industry," he said. "As he noted, oil imports have been cut in half and rising gas production is revitalizing manufacturers while reducing carbon emissions to near 20-year lows."
API's president tartly added, "But let's be clear: Our energy renaissance has occurred despite White House policies, thanks primarily to private investors and state governors who have worked diligently to support new development."
Congressional Research Service figures show oil and gas production on federally controlled acreage fell substantially from 2009 to 2013, Gerard noted. "By turning aside duplicative regulations, opening the door to US energy exports, and eliminating counterproductive fuel mandates, we can create millions of new jobs and achieve a new era of energy security," he said.
Their remarks came as 2014's election campaign entered its final weeks. Many voters are considering which president's energy progress story is the truth.
