Energy, The Unshaken Pillar

By October 9, 2008Economy, Energy

Text of a full-page ad running in today’s Washington Post, New York Times and Wall Street Journal:

The Unshaken Pillar

 While key pillars of our economy — housing, banking, autos — have been shaken, one pillar stands unshaken and provides the stability that our economy so desperately needs at this critical time. That pillar touches every American. It supports every local economy. It interacts with every business sector, from agriculture to technology. It provides more than 1.8 million high-paying jobs and another 4.6 million related jobs. It is a pillar of our economy that will not and cannot go away. That pillar is energy.

Today, Americans understand that a strong and diverse energy sector is vital to our economic well-being and prosperity. They know that energy produced here at home creates good-paying American jobs, reduces our dependence on others, and spurs the necessary investment and innovation needed to develop all forms of energy. Congress responded to the American public. Its decision to let expire the 26-year moratorium on exploration of the Outer Continental Shelf may prove to be a significant measure in addressing our long-term economic health. The best guarantee of America’s energy security and economic competitiveness is a combination of exploring for more oil and gas at home, intensified initiatives to develop alternative and renewable forms of energy, and continued improvements in energy efficiency and conservation. Responsible, environmentally sound exploration and production of America’s vast energy resources will over time:

  • Add more high-paying American jobs across all sectors of our economy;
  • Provide billions in new tax revenues that can be used by local, state and federal governments to fund important programs that are at risk due to our current credit crisis; and
  • Reduce our dependence on foreign energy sources and the outflow of U.S. capital to foreign countries.

We are optimistic about America’s future and are convinced that our current economic challenges can and will be met. An important step toward that bright future is to make sure that the energy pillar of our economy remains strong, growing and sustainable.



David J. O’Reilly Michael G. Morris
Chairman and CEO Chairman, President and CEO
Chevron Corporation American Electric Power Company, Inc.
Frederick W. Smith Andrew N. Liveris
Chairman, President and CEO Chairman and CEO
FedEx Corporation The Dow Chemical Company

Join the discussion One Comment

  • Jim Watson says:

    Energy is more than oil and gas — who do you know that works — or would like to work on an oil plat form, drill rig, or a refinery? Energy is the opportunity — it’s the biggest market in the world — but it needs to be all sources not just oil & gas. The ET (Energy Technology) market is where the opportunities are — I encourage people to start business’s that cater to that emerging, long-term growth market.

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