At the beginning of September President Barack Obama presented Congress with his $447 billion business proposal to get Americans back to work and pleaded both the House and the Senate to push it forward without delay.
Having said that there is an oversight that should have played an essential aspect to his job plan—American Energy.
American self-sufficient nation wide oil and gas producers are the backbone of the energy sector. These individual producers, like Swan Energy, cultivate 90% of the gas and oil wells in the U.S... These wells produce 68% of the oil and 82% of the natural gas in the United States.
As President Obama crisscrosses throughout the nation promoting his job strategy amidst the high unemployment and financial worries, the self-sufficient gas and oil producers are quietly making contributions to the job growth.
According to the President of the Independent Petroleum Association of America (IPAA), in 2010 individual Oil and Gas businesses (including Swan Energy) made up almost 4 million work opportunities; that's an exceptional 3% of all the jobs in the U.S.!
Rather than promoting this outstanding job opportunity which only could improve our country's policy and also lessen our reliance on the foreign oil, Obama's strategy puts its crosshairs on the oil and gas sector by the mischaracterized "tax loopholes" for the oil and natural gas suppliers by seeking to eliminate the past tax structure which has promoted industry investing by self-sufficient producers and individual shareholders which are willing to consider thehigh risk of oil pursuit and production. These so-called "tax loopholes" have endorsed American work growth for many years.
If we think about the market as a whole, thinking over and above the independent oil and gas suppliers, America can see considerable job growth
According to William O'Keefe, CEO of the George C. Marshall Institute, President Obama's decision to leave out traditional energy from his jobs strategy clashes with his own administration's data. Labor Department figures show that the Oil and Gas industry continues to be creating jobs as the economic climate has been losing them.?
Look at the data below that was unveiled by the U.S. Labor Department this year, since 2007 the U.S. has dropped 5.7% of its jobs, even though the oil and gas industry has gained 16.9%. Swan Energy believes that with the oil and gas growth that we are experiencing throughout the U.S. we could observe considerable job growth in 2012. Job development in the oil and gas market improved about 200% in less than a year in 2011. It's not unreasonable to infer that people could see this identical pattern in 2012.
What could occur to job growth if the hostility towards oil and gas exploration and production is lowered?
Swan Energy was surprised to find out from the IHS Global Insight-CERA findings that just a single year measure to boost the speed of federal government permitting for Oil and Gas suppliers could produce:
- 230,000 American job opportunities
- Over $44 billion to the U.S. GDP
- Nearly $12 billion in state and federal tax and royalty earnings.
All this without having the $447 Billion price tag.
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