API Releases Study Highlighting Natural Gas Benefits
The American Petroleum Institute (API) has released a new study conducted by ICF International on the benefits natural gas brings to the nation in terms of consumer savings, family-sustaining jobs and economic growth. The study shows that all 50 states benefit from natural gas produced domestically, including non-producing states.
“From power generation for homes and businesses that benefit from affordable and reliable electricity, to the industry’s skilled workforce that produces natural gas, to pipelines and the workers who build them, the advantages of natural gas are wide-ranging,” said API President and CEO Jack Gerard. “With energy week in full swing, this study is another example of the job and consumer benefits of natural gas across the country.”
The study examined the economic benefits and opportunities from the entire natural gas value chain, including the production of natural gas, its transportation and end uses like power generation and manufacturing.
Key findings in the report include:
- By 2040, consumers across the country will save an estimated $100 billion, or $655 per household, from the increased use of natural gas throughout our economy – from manufacturing to generating affordable electricity.
- In 2015, the natural gas supply chain supported 3 percent of the U.S. economy, including direct, indirect and induced activities and jobs associated with natural gas.
- In 2015, natural gas supported more than 4 million jobs across the country from production to end uses like manufacturing. That number is expected to rise to 6 million jobs by 2040.
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