Energy Is The Answer
With the State of the Union address scheduled tomorrow night, let’s look at how policy goals in President Obama’s past annual speeches to Congress fit with oil and natural gas development. It turns out the fit is good – very good.
For example, in the 2010 State of the Union the president called jobs his No. 1 priority and said American business would always be the “true engine of job creation.” He also applauded the improving health of the retirement funds supporting the future hopes of so many Americans. Oil and natural gas is playing a key role with both.
A PwC study found the industry supported 9.8 million jobs in 2011 (most recent data year), an increase of more than 600,000 jobs from 2009. Meanwhile, the strength of the industry no doubt has contributed to the improved state of retirement funds, since pension plans, 401(k)s and IRAs hold nearly 50 percent of the shares in U.S.-based oil and natural gas companies.