API shares President Obama's well-intentioned goal of having a comprehensive energy policy that grows the economy, creates jobs, promotes energy security and addresses climate change.

But independent analysis shows that the Waxman-Markey climate bill would burden American consumers and businesses with substantially higher energy costs. This is more than "a few postage stamps."

The House bill is a job killer. In a previous blog post, we referenced a recent CRA International study for the National Black Chamber of Commerce that estimates a net loss of over 2 million jobs a year. While we support creating new jobs, the legislation offers an unnecessary and false choice of eliminating good jobs in the oil and natural gas industry to create green jobs.

We can have both. We need to retain the good jobs we have in the oil and natural gas industry and create new jobs with the technologies described by the president because America will need all the energy it can get to fuel the economy of the future.

The House should take the time necessary to get this legislation right. API stands ready to work with policymakers and other stakeholders on a comprehensive energy policy that would provide increased access to domestic resources, including oil and natural gas, and address climate change.