Here’s what the oil and natural gas industry currently means to the state of Florida:

• More than $18 billion contributed to the economy.
• More than $10 billion contributed to labor income.
• More than 230,000 jobs provided or supported by the industry, with an average salary for non-gas station oil and natural gas employees of $61,388.

Even better – here’s what the oil and natural gas industry could mean to Florida with sensible energy development and sound tax policies:

• More than 84,000 additional jobs created by 2015 and more than 131,000 additional jobs created by 2030.
• An average of $1.3 billion of new, additional revenue to the state every year through 2030.

Let’s put that second figure in perspective: An additional $1.3 billion each year would be enough to c... more »

Oil and natural gas opponents think they’ve got some ammunition in a NBC News/Wall Street Journal poll from nearly a year ago showing that 74 percent of Americans support “Eliminating tax credits for the oil and gas industries.”

One problem with the February 2011 poll: There are no targeted tax credits in the Internal Revenue Code currently being used by the oil and natural gas industry.

The inconvenient truth for industry opponents is that contrary to what some politicians and pundits have said oil and natural gas companies currently aren’t receiving any unique tax credits or deductions.

Since its inception, the U.S. tax code has let corporate taxpayers recover costs and be taxed only on net income. These cost-recovery mechanisms shouldn’t be confused with tax credits or “subsidie... more »

Interesting piece by the Washington Post’s Robert Samuelson, analyzing America’s energy future in light of new government figures showing increased domestic oil and natural gas production:

“Despite big gains in energy efficiency and increases in ‘renewables’ (wind, solar, biofuels), fossil fuels will remain the mainstay of America’s energy system for years. In 2010, fossil fuel represented 83 percent of U.S. energy consumption, with oil at 37 percent, natural gas at 25 percent and coal at 21 percent. Although total energy use grows only 10 percent between 2010 and 2035, the fossil-fuel share stays high at 77 percent in 2035. Oil is 32 percent, natural gas 25 percent and coal 20 percent.”

Here’s a chart developed from data in the Energy Information Administration’s early release o... more »

The clash between rural New York state mineral rights owners and opponents of natural gas development comes through in a new short film, “The Empire State Divided,” by the Foundation for Land and Liberty. The 22-minute film is divided into three parts. Check out part 1 below and see all three here.

The film was produced by Karen Moreau, the foundation’s former president who earlier this month was named executive director of the New York State Petroleum Council, a division of API. The film depicts economic and political conditions in the state’s southern tier, where struggling farmers and job-starved communities see the potential benefits of natural gas production being kept out of reach by the state’s moratorium on hydraulic fracturing, which is strongly backed by natural gas oppone... more »

There were lots of energy mentions in the president’s State of the Union speech, and we appreciate every one of them because they likely will stimulate increased discussion of energy issues in our country. In that way we join the president in trying to make more Americans aware of the country’s stake in energy  – in terms of jobs, economic growth and security.

We agree with a number of things the president said. Indeed, the men and women of America’s oil and natural gas companies already have been working in many of the areas mentioned by the president. And they’re willing to do more.

The president said:

“This country needs an all-out, all-of-the-above strategy that develops every available source of American energy …”

Absolutely. The United States will need all available ene... more »