Despite President Obama’s pledge to cut red tape for job-creating industries, regulations and other delays are holding up billions of dollars in investments and thousands of jobs for oil and gas producers, the head of the American Petroleum Institute tells The Washington Times.

“Why would you take away from the very industry that’s creating hundreds of thousands of jobs?” asked Jack Gerard, president and CEO of the American Petroleum Institute, who accused the White House of not keeping its promise. “Why would you punish one of the industries that is creating more revenue for the federal government today than perhaps any industry? Why would you penalize them?”

Oil and natural gas companies could create millions more jobs if allowed to drill domestically, Mr. Gerard said, adding that it also would help wean Americans away from oppressive foreign governments and companies responsible for high gas prices. Another plus would be the generation of billions of tax dollars...