WASHINGTON, May 3, 2017 /PRNewswire-USNewswire/ — API released a new study that shows private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.
“By 2035, if the right regulatory policies are in place, private investment could exceed $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 $1337 boost to the average American household in 2015. U.S. industrial electricity costs are 30-50 percent 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 United States 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 percent of those reductions from 2005 to 2016 have been the result of switching to generation from clean-burning natural gas. By moving forward with private investments in U.S. natural gas and oil infrastructure we can ensure that the United States 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 U.S. over the next two decades. According to the study:
- Up to a million jobs could be supported.
- Up to $1.34 trillion in private natural gas and oil infrastructure investment could occur.
- Up to $1.89 trillion could be added to the U.S. 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 $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 $85 billion in GDP growth.
Isakower and Rorick’s opening remarks from Wednesday’s call and the full study are available on API’s website.
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 40 million Americans.
SOURCE American Petroleum Institute