API released a new study that shows private investment in US natural gas and oil infrastructure could create over 1 million US jobs.
“By 2035, if the right regulatory policies are in place, private investment could exceed US$1.3 trillion for oil and natural gas infrastructure, and create more than 1 million jobs”, said Kyle Isakower, API Vice President of Regulatory and Economic Policy.
“Already, reliable access to energy has helped drive down utility, product and other energy-related costs providing a US$1337 boost to the average American household in 2015. US industrial electricity costs are 30 – 50% lower than those of our foreign competitors, giving manufacturers – including producers of steel, chemicals, refined fuels, plastics, fertilizers and numerous other products – a major competitive advantage.”
“The US leads the world in carbon reductions thanks primarily to greater use of natural gas,” said Robin Rorick, API Midstream and Industry Operations Group Director. “Carbon emissions from power generation have plunged to nearly 30 year lows, and more than 60% of those reductions from 2005 - 2016 have been the result of switching to generation from clean-burning natural gas. By moving forward with private investments in US natural gas and oil infrastructure we can ensure that the US has the critical framework to sustain America’s energy leadership.”
API contracted with ICF to investigate the scope of the economic opportunity and the amount of oil and natural gas infrastructure development likely in the US over the next two decades. According to the study:
- Up to a million jobs could be supported.
- Up to US$1.34 trillion in private natural gas and oil infrastructure investment could occur.
- Up to US$1.89 trillion could be added to the US GDP.
- All states would see advantages, including:
Ohio: energy infrastructure investment could support on average more than 48 000 jobs per year and generate more than US$95 billion to the state’s GDP through 2035. New York: investments in energy infrastructure could support an average of more than 40 000 jobs per year and add more than US$85 billion in GDP growth.
Isakower and Rorick’s opening remarks from the call and the full study are available on API’s website.
Read the article online at: https://www.worldpipelines.com/business-news/05052017/private-investments-in-us-oil-and-gas-could-create-over-1-million-jobs/