Oil industry: Boost in energy could create 1M jobs

The oil industry says government policies to increase domestic energy production could create up to a million jobs over the next seven years.

In a new report, the American Petroleum Institute says proposals to expand offshore oil drilling, boost production of natural gas and build a Canada-to-Texas oil pipeline could boost the U.S. economy.

API President Jack Gerard says the group's proposals could generate billions in new government revenue and help make the U.S. less dependent on foreign energy sources.

The API, the oil industry's largest lobbying group, is looking to influence job-creation proposals after a bleak employment report last week showed no net job growth in August. President Barack Obama is set to deliver a speech on jobs Thursday to a joint session of Congress.