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API CEO Jack Gerard on the outlook for the energy sector over the next four years.
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-- -- -- OK now on -- energy and what president Obama's reelection really means the oil and gas industry just last night.
I interviewed former energy secretary governor Bill Richardson and he warned.
The industry should mend fences and watch out for more regulations what's.
-- I will save the oil and gas guys.
And and the cold guys.
A Melissa I think they've got a little fence mending to do with the White House but I think the industry's got to realize that they just can't have a free.
There's got to be sensible.
Regulation.
Joining me now with his take gonna Fox Business exclusive is Jack Gerrard.
He is API CEO and president welcome back Jack thanks so much for joining us thank you Melissa how you interpret -- in the wording was actually even a little stronger is saying those -- guys you know they better realize an energy guys.
They -- come back to the table because -- -- a lot of mean things and now he's still there they're in trouble.
An -- kind of you feel threatened -- at this point.
Well I I think it's fast -- with the secretary had to say and that is a surprising to be quite honestly what I mean by that is.
If you listen to what the president said during the election.
He's a big proponent of oil and natural gas.
He's indicated in his all of the above energy strategy that oil and natural gas should play an important role in important early.
Well were hopeful of that will globe give the president the benefit of the doubt for the time being that the president is serious.
About what he promised the American people and what he got elected on.
That oil and natural gas will have to be a big part of that energy plan.
And there should be no making up to do here's a secretary suggests were in -- together on the role of oil and natural gas.
The question before us is -- present live up to his commitment.
Well I only.
-- parents think we I I we have a chart of shallow water deep water drilling permits.
You know during the president's time in office and if we can put that -- look at that you could see that between September 2009.
Back to September drop that we have that you guys.
It shows that it's right.
Backed look at -- -- it's kinda -- it it will right back to where we work when he took office and he likes to talk about how much more drilling.
There has been over his time but it doesn't seem like the data necessarily -- meet -- supports that what do you we look let's go -- Well when -- say bridge seek that's a relatively new policy or new position.
The president has really moved a 180 degrees on the issue of oil and natural gas in the last year -- year and a half.
They had two years ago in his State of the Union Address he called us yesterday's energy assuming we had no role.
We provide over 62% of all the energy consumed in the United States.
And -- -- economists will tell you will continue to provide over 50% of the energy thirty years from now.
Jack you say he's dramatically changed its position what is your evidence of that other than his words is it just -- sports.
Well it's just his words and that's why say the verdict is still loud if the president lives up to what he -- the American people.
During this election.
We've got an opportunity to put people to work to produce our own oil and natural gas if he -- digs on that.
Then it's back to business as usual and almost -- we'll just continue to play out -- decrease production.
Low or opportunities to produce our own oil natural gas right here in America.
What do you think is the future of the Keystone Pipeline now given that everyone who was reelected in elected in and what you're facing a Washington.
Well I think that'll be the first real test.
Even with the changes in the election there's still a majority of support both in the senate and the house for the keystone XL pipeline.
I might add on a bipartisan basis.
The present implicitly indicated he would approve that second leg from Canada down.
After the election remember those comments -- so were waiting to see.
If he follows through that will be the first test if his words really -- some during the election.
-- and keep in mind that remind us that we forget to check in on that because that's -- -- we point.
We will reminds -- some will love stay in touch OK thank you so much.
