State Revenue Sharing One Of Many Ways U.S. Can Benefit From Oil And Natural Gas Production, According To API

API Executive Vice President Marty Durbin said that the oversight hearing on "State Perspectives on Offshore Revenue Sharing" in the House Committee on Natural Resources presented a promising discussion highlighting the opportunities available to increase production of American oil and natural gas resources and increase revenues for state and local governments.

"Offshore development brings with it immense opportunities, including hundreds of thousands of new jobs, billions of dollars of additional government revenues, and increased energy security," said Durbin. "It makes sense that coastal states should share revenues provided by such development, much as inland states do, to address infrastructure demands related to this economic boost."

Durbin said the oil and natural gas industry is in a unique position to stimulate both the national and state economies through resource development and that revenue sharing should be a part of this approach.

"Oil and natural gas companies support 9.2 million American jobs, bolster energy security by producing the majority of the nation's energy, and bring billions in taxes and royalties each year to our government," said Durbin. "With the right energy policies and smart governance the industry can do more to help address national concerns over the U.S. deficit and high unemployment."

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports more than 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86M in revenue to our government every day, and, since 2000, has invested nearly $2T in U.S. capital projects to advance all forms of energy, including alternatives.

SOURCE: API