U.S. oil and natural gas policy changes could generate more than 1.4 million new jobs, $800 billion in additional government revenue, and 10 million barrels worth of added daily oil and natural gas production by 2030, according to a study by Wood Mackenzie released Sept. 7 by API. New jobs could be added in every state.
“Our industry has kept more than 9 million Americans employed through some of the toughest economic times in America’s history, and we created thousands of jobs just last month,” said API President and CEO Jack Gerard. “The study shows we could provide another 1.4 million jobs, with as many as 1 million created in just the next seven years, and thousands of shovel-ready jobs available next year.”
The policy changes include opening non-park federal onshore and offshore areas to development where now prohibited, returning permitting in the Gulf of Mexico to historical levels, approving the Keystone XL and other pipelines, and establishing a regulatory environment that permits full development of the nation’s oil and gas resources, including those locked in shale formations.
U.S. oil and natural gas consumption would not necessarily increase as a result, says API. The changes would allow America to produce at home a much larger percentage of the oil and natural gas it consumes, reducing imports.
“If the full potential of domestic oil and gas production could be achieved while also increasing imports of Canadian oil, all of America’s liquid fuels could come from secure North American sources within 15 years,” Gerard said.