"Right off the bat, the president can approve the Keystone (XL) pipeline and put thousands of Americans to work immediately," American Petroleum Institute President Jack Gerard said in a statement.
TransCanada aims to build the Keystone XL pipeline project to deliver Canadian crude oil to refineries along the southern U.S. coast. Billed as a source of economic growth, critics have expressed concern about the environmental safety of Canadian crude, which is seen as more harmful than conventional oil.
Obama clearly defeated Republican challenger Mitt Romney and secured a second term during Tuesday's election.
In terms of natural gas, Gerard said the country has "an unprecedented opportunity" to strengthen the national economy and bolster energy security by exploiting shale natural gas. API recently questioned a U.S. government study that found chemicals associated with shale natural gas development had found their way into ground water aquifers. The United States is a world leader in shale gas, though advocacy groups have expressed concern about the long-term environmental consequences.
"Americans have made their decision," said Gerard. "We look forward to continuing our work with the president and helping him fulfill his campaign promise to increase domestic oil and natural gas production that will create American jobs and strengthen our economy."