When ‘Big Oil’ profits, what does that mean for the average citizen?
Narrator: The oil and natural gas industry is responsible for the livelihoods of millions of workers in North America. Chief Economist for the American Petroleum Institute, John Felmy, says that’s why it’s important to support the industry’s efforts as heavy weights including Exxon, Shell, and BP, get ready to announce their earnings.
John Felmy: Each year the oil and gas industry (in the U.S.) pumps over four billion dollars into the economy. It goes into creating new jobs, wages for millions of Americans, and incomes to millions of retirees and other investors through their retirement accounts.
It’s three to four times what the industry earns in a year.
Narrator: Felmy says we need to invest and become more energy independent.
Felmy: The industry’s earnings are measured in the billions, and so are its enormous investments in new job-creating energy projects, and a substantial tax is paid to our (US) Government. As we move forward we need public policies encouraging oil and natural gas development here at home, securing America’s future.
