The American Petroleum Institute (API) on Wednesday
congratulated President Obama on his re-election, adding that
it looks forward to expanding domestic oil and natural gas as
a major pathway for job creation and economic growth.
"Americans have made their decision," said CEO Jack Gerard.
"We look forward to continuing our work with the president and
helping him fulfill his campaign promise to increase domestic
oil and natural gas production that will create American jobs
and strengthen our economy.
"With both candidates supporting more development of
Americas vast oil and natural gas resources, energy is a
big winner in this election."
Obama won the US election with 332 electoral votes, far
exceeding the 270 required to win. Republican challenger Mitt
Romney finished with 206.
Right off the bat, the president can approve the
Keystone Pipeline and put thousands of Americans to work
immediately," said Gerard. "He can acknowledge the effective
role states are already playing in regulating oil and natural
gas production and avoid the temptation to impose duplicative
and unnecessary regulations on hydraulic fracturing.
"By following through on his own executive order to eliminate
overly burdensome regulations, he can rein in EPAs plans
to impose regulatory burdens that could cost businesses
hundreds of billions of dollars and chill economic
The API concluded its remarks by focusing on domestic energy
from the shale boom, which the API says is just beginning.
We have an unprecedented opportunity to work together
to create millions of new jobs, generate hundreds of billions
of dollars for our government, and strengthen our energy and
national security," Gerard said.
"With the right public policies, this could be a game changer
Meanwhile, the American Fuel & Petrochemical Manufacturers (AFPM)
trade group issued the following statement.
"We hope that in his second term, the President will truly work
to advance an all-of-the-above energy strategy that recognizes
the importance of domestic energy resources and fuel and petrochemical manufacturers in
rebuilding our nations economy," said AFPM president
Charles T. Drevna.
"Although the popular vote was close in this election, it is
clear that the vast majority of Americans want to develop our
own natural resources and promote manufacturing jobs," Drevna
continued. "Our nation is blessed with an abundance of energy
resources that could revitalize job growth and our economy,
enhance our national security and ensure a strong fuel and petrochemical manufacturing
President Obama should take actions in his second term to
ensure our nation becomes a major force in the global energy
"Such actions should include regulatory reforms necessary to
maintain a strong American energy sector and immediately
approving the Keystone XL Pipeline, which will create thousands
of domestic jobs.