The American Petroleum Institute (API) has released a new study that shows private investment in US natural gas and oil infrastructure could create over 1 million jobs.
Kyle Isakower, API Vice President of regulatory and economic policy, said: “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 […] 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, fertilisers and numerous other products – a major competitive advantage.”
Robin Rorick, API Midstream and Industry Operations Group Director, said: “The United States leads the world in carbon reductions thanks primarily to greater use of natural gas […] Carbon emissions from power generation have plunged to nearly 30-year lows, and more than 60% 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 US 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 US over the next two decades. The study revealed that up to 1 million jobs could be supported; up to US$1.34 trillion in private natural gas and oil infrastructure investment could occur; and up to US$1.89 trillion could be added to the US GDP.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/05052017/api-oil-and-gas-could-support-1-million-jobs/