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 growth."
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 for America.
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 industry.
President Obama should take actions in his second term to ensure our nation becomes a major force in the global energy picture.
"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.