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API CEO on Fracking and Jobs

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    API CEO Jack Gerard on the IHS study that revealed fracking supports jobs.

  • Duration 3:47
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New study is claiming -- fracking industry will support well over three million jobs.

And bring it over a hundred billion dollars in annual revenue for the government by the end of the decade.

Sounds great right but how do we ensure that this happens joining our exclusively with some answers.

Is Jack Gerrard CEO president of the American Petroleum Institute.

And all this is based on -- study out of BIA chats national report seeing that.

Unconventional activity uses you know fracking and -- alike.

Contributes one point eight million jobs today could be three million jobs by the end of the decade -- study.

Isn't like this is necessary right now it makes me feel like the industry.

It feels like it needs to be defensive about what they're doing in and show sort of the positive aspects of fracking.

Well what's going on the -- around the country particularly here in the United States and places like North Dakota.

Is we've seen record oil and natural gas production.

So when you look at this study what it does is -- goes back a few years and talks about the great.

Progress we've made today but it also projects what will happen with merely business as usual.

As you pointed out it shows weekly -- -- 726000.

Jobs in the next three years.

Revenue to the government increases by billions by 2035.

It's estimated.

Will contribute 2.5 trillion that's -- -- Trillion dollars to the federal government as a result of this economic activity so it's great news clear across the -- -- -- earlier commentator mentioned.

Were up considerably -- supply we can do even more to make us more energy secure or generate revenue and well paid jobs at a time we need -- -- Just yet Jack I hear you but is does the industry feel the -- that they feel like they have to quantify how many jobs are out into the economy and put a study like this out -- they feel like there's.

And assault coming from the EPA.

-- we're not defensive at all in fact we believe the more the American people engages in the energy discussion in the energy dialogue.

The more informed they will be in the more supportive they are what we're talking about.

What we find -- over the past ten months we've been running what we call vote for energy campaign -- about a political party it's not about a political candidate.

It's the focus the attention of the American people.

On the game changing opportunity.

With the oil and gas industry.

When the public focuses for a moment says wow this is great.

Good paying jobs lots -- revenue.

They come in strong support the congress is a lagging indicator.

The congress will move to develop the right policy.

To restrain excessive regulation.

When they understand that the people demand.

And right now over 70% of the American people say we want more oil and gas development this country because it benefits us as consumers and as Americans.

Jack I mean it it is good for the price of oil and natural gas and and there are a lot of jobs that are provided but recently you run into an embarrassment of riches in terms of the supply all the fracking has been going on across the country has pretty -- a lot of natural gas.

And we've seen some activity drop off because the price has fallen so low is that one of the dangers that there's almost an embarrassment of riches.

Well no the gas the price itself will eventually find equilibrium and -- through -- laws of supply and demand it will eventually settle out.

But what's most important -- to not forget as we go through that cycle.

As were able to produce these vast resource is no one was even talking about five years ago.

It's already producing great benefits to consumers.

The average of 500 million dollars -- day.

In reduce costs to consumers and it's bringing new jobs back in the manufacture absolutely Jack -- -- -- more time thanks for joining us thank you.

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