The U.S. Interior Department in three separate announcements over the last month said it distributed more than $4 billion to states and Native American tribes as part of their share of receipts from onshore and offshore energy production during Fiscal Year 2010. According to API Policy Advisor Allison Nyholm, this demonstrates the significant contributions by the oil and natural gas industry to America and its local communities:
"The recent announcements that over $4 billion has been sent to states and communities in the last month as their share of receipts from energy production of federal leases demonstrates the significant contributions made by the oil and natural gas industry to America and its local communities, particularly at this time of tight state and local budgets.
“These royalty revenues are just one benefit of developing America’s oil and natural gas resources. Tapping these assets also creates millions of jobs, generates tax dollars for federal, state and local governments, increases America’s energy security and provides the energy America needs to fuel its economy. And America’s oil and natural gas industry provides the U.S. Treasury with more than $25 million each day.”
API represents more than 400 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs and 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives, while reducing the industry’s environmental footprint.