Earlier, I promised you the reaction of the oil industry to the call by Barack Obama to end its subsidies.
Well, here is the API’s full reaction, courtesy of Jack Gerard, the organisation’s chief:
It’s unfortunate that the administration seems poised to stifle what remains one of America’s strongest job creating industries.
The president focused on job growth through federal spending, but was silent on one of the best ways to create jobs: allow more energy development.
The oil and natural gas industry is a key driver of new jobs and economic prosperity Producing more oil and gas at home, which most Americans want, could create hundreds of thousands of jobs, reduce our deficit by billions, and enhance our energy security.
T. Boone Pickens has also piled in, saying:
We want jobs and then you say you’re going to tax the oil industry and that’s going to cost you jobs.
But Pickens’ reaction was slightly undermined by this terrific observation from the WSJ:
Mr. Pickens, 82, admits that he slept through much of the speech, waking up to his wife elbowing him when the President mentioned energy.