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Jack Gerard of API on why voters need to better understand the importance of American made energy
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We wanna talk to mr.
Jack -- who's president and CEO of the American Petroleum Institute this is a trade association that represents.
All aspects of America's oil and natural gas industry and there's a new campaign.
That the American Petroleum Institute is engaged in right now -- it in a way to try to get voters.
Sort of focusing on energy issues as we get closer to Election Day mr.
-- thank you so much for joining us this is called up.
Vote for energy campaign what -- about.
-- -- thank you for having me on today -- for energy is designed to make.
The energy equation specifically oil and natural gas top of mind in the minds of American voters in American citizens.
As they better understand the role of energy and assisting us an economic recovery and job creation.
So will be involved in the Republican Convention in Tampa Democratic Convention in Charlotte it's not about a political party it's not about a political candidate.
What it is is a simple reminder that were the most energy rich nation in the world.
And if we focus on sound energy policy.
We can -- hundreds of thousands of new well paid jobs help our economy recover by producing American energy.
By Americans for Americans years and it's that simple.
But it's something we need to change in this country were too reliant on outside volatile sources for energy.
We can do it right here at home and that's what we're hoping to accomplish.
What do you think is the public perception.
Of your industry and that clients whom you represent.
-- in our nation's capital.
You know from from the millions that the oil industry gets.
In federal subsidies.
To the high price of gasoline everyone has been feeling that at the pump for what.
Feels like an eternity now to the BP disaster.
Recently how do you think your industry stands in the minds of voters as we get ready to -- to go to the polls.
But let me tell you Rick what's happening in the eyes of the voters is it's changing.
Because the more they come to understand energy come to know the truth and reality about America's oil and natural gas industry.
There's more and more support.
We had a poll conducted just over the weekend a week ago.
Over 70% of the American people support development of more of our own nation's oil and natural gas and why is that.
Because they see the relationship.
Between good sound economic policy.
And the opportunity to thrive here's a nation.
And while some of those issues you've raised have been historic in terms of how they perceive our industry.
Those views are changing some of the comments you just made -- not totally accurate for example we don't receive any subsidies from the federal government.
While the present -- United States would like to suggest that there's nothing further from the true.
We contribute 86 million dollars a day to the federal budget.
We can even grow that number of without any tax changes if we could produce our own American energy right here.
Employed American citizens and help put downward pressure on prices so those views are changing.
They're changing in a positive way because people are coming to understand.
Just like -- campaign suggests.
Vote for energy is a vote for the American economy.
And a vote for all Americans for sound economic energy policy to make energy affordable and reliable.
There were some subsidies.
That were granted to your industry years and years and years ago in 1916.
There was the that the assistance that was given to the oil industry that.
Allowed drilling costs to be deducted from.
Tax expenses that still in place so that's not a subsidy.
No not at all in fact -- if you think about it many of those tax provisions you decided -- provisions.
That are given to business communities generally mean for example the one the president likes to talk about.
-- what we -- section 199 which is a manufacturing deduction.
That seems you'll laid by the New York Times it's enjoyed by Apple Computer.
It's used by all businesses to cover their costs.
Of doing business.
We believe it's very legitimate for our industry and for all other businesses when you invest money to grow expand to hire more people.
You should be able to cover those -- cause before you show your profits are your earnings to pay taxes on.
That's a standard way of doing business the president's proposals.
Would deny those standard cost recovery provisions.
Just for for companies in the oil and gas business.
That's not fair that's bad public policy.
The president is Leslie -- is -- doesn't need to hear the president says that your industry is doing just fine.
That you don't need any kind of government assistance -- well the three largest.
Oil companies made eighty billion dollars in combined profits in the year 2011.
That's 200 million dollars in profits each day.
Do you need to help.
Well let me dispel a couple best -- first of all this -- all of the oil and natural gas.
988 point 5% of all shares of the oil and natural gas industry are owned by pension plans 401K plans mutual funds.
These are people like you and I who invest in the market place.
We own oil and natural gas so when you hear about the earnings coming from the oil and gas sector.
What are those earnings go they go to ownership that shareholders.
So when you're talking about taking earnings from an industry.
Merely because you decide to be -- you think they make too much.
You're taking money out of the pockets of individuals invested in pension plans.
401K plans and other things that they're trying to put their kids through school prepare for the future.
So the second aspect -- that we shouldn't overlook is when you think about those with the highest earnings Yahoo! makes the most money in this country the largest company in this country.
Apple Computer.
Have you ever heard the president talk about imposing taxes on apple they make a lot more profits of the oil and gas industry does so we need to look through they.
Lot of the rhetoric if -- will.
Look at the reality and the facts.
A robust sound economic policy in this country should be producing our own energy.
And -- -- -- those who invest in those companies to -- high paid jobs and restore our economy to full strength.
That's what the oil and gas industry can do for this nation.
I can see why you have a job that you do -- you're an -- and advocate.
For all of those you represent.
And you make a very persuasive case that we appreciate you coming on talking to us about this campaign -- tell people where to find more information about it's called vote.
The number for energy dot ORG.
This is the initiative on behalf of the American Petroleum Institute.
Jack -- is that group's president and CEO thank you -- joining us thank you very much are all the best to you.
