Jack Gerard, president and chief executive officer at trade group American Petroleum Institute, said he was encouraged by U.S. President Barack Obama's so-called all-of-the-above energy policy during his first term in office.
"Developing at home more oil and natural gas can help rebuild our economy while providing affordable and reliable energy for our families and businesses," Gerard said in a statement. "More domestic development can help put millions of Americans to work, enhance American competitiveness, deliver billions more in revenue to our government, and reduce our dependence on imported energy."
API said the first thing Obama should do is sanction the Keystone XL oil pipeline planned from Canadian oil fields.
Environmental advocacy group Sierra Club said Obama scored a victory despite attack ads funded by the fossil fuel industry.
"President Obama faced an unprecedented assault from deep-pocketed oil and coal execs who inundated the airwaves with millions of dollars in attack ads," Sierra Club Executive Director Michael Brune said.
Obama this week won a second term in office after defeating Republican challenger Mitt Romney in a national election.
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