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Oil and gas can help revive the economy

By Andy Swiger Over the next three years, Philadelphia will play a special role in getting America's economy moving again. The city's historic shipyard will be home to the construction of two enormous tankers - 115,000-ton, state-of-the-art vessels designed for the safe and efficient transportation of crude oil.

By Andy Swiger

Over the next three years, Philadelphia will play a special role in getting America's economy moving again. The city's historic shipyard will be home to the construction of two enormous tankers - 115,000-ton, state-of-the-art vessels designed for the safe and efficient transportation of crude oil.

This will be no small engineering feat and no small investment. ExxonMobil is spending $400 million on the tankers' construction. For the city, this will mean more than a thousand jobs and millions of dollars in revenue.

Unfortunately, as we all know, the country is facing high unemployment and underemployment. Large budget deficits are straining government resources and forcing tough choices. And businesses across the nation are struggling to make decisions in the midst of uncertainty. This project is a reminder of the importance of the American energy industry during these challenging times.

The job creation and government revenues associated with these ships don't end when they leave the shipyard. They will create and sustain jobs in Alaska, where the crude oil is produced. They will sustain jobs on the West Coast when they bring their cargo to port. And they will support good jobs at plants across America when the oil is refined into high-technology products, plastics, and the fuel that powers American industry, transportation, and trade.

The benefits generated by these ships will be in addition to the thousands of jobs and millions of dollars in government revenues the energy industry has already created in Pennsylvania through development of Marcellus Shale natural gas - which is also providing new, affordable energy supplies. Shale-gas development has already contributed to a 130 percent rise in jobs in the state's oil and gas industries over the last 10 years. And development of shale gas is creating similar job booms in West Virginia, Ohio, North Dakota, Texas, and Oklahoma.

Affordable and reliable natural gas is also creating jobs in other industries. It is strengthening America's steel industry, which helps rebuild the nation's infrastructure. It is reinvigorating America's petrochemical industry, which helps us develop advanced plastics and consumer products. And it is helping our heavy-vehicle manufacturers build bulldozers, farm equipment, and earthmovers for construction and agriculture here and around the world.

As important, cleaner-burning natural gas will help us reduce emissions and take care of the environment.

The construction of these vessels in Philadelphia and the development of shale gas elsewhere in Pennsylvania are examples of what the energy industry can do to help reignite America's economy. The industry could provide even more investment and produce even more jobs with access to more domestic energy supplies. As one recent study found, more access to U.S. oil and gas resources could create a million new jobs over the next seven years, and 1.4 million jobs by 2030. It could also generate more than $800 billion in new government revenue in that time.

Energy policies that allow increased access and investment are an opportunity for our nation to come together. With such policies in place, we can produce more affordable energy, a more competitive economy, and more jobs for the entire workforce - goals we all share.