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API releases new study

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Hydrocarbon Engineering,

The American Petroleum Institute (API) has released a new study examining the negative impacts of policies that restrict the production of fossil fuels.

The President and CEO of the API, Jack Gerard, said: “US energy leadership is generating major economic benefits for American families and businesses […] Increased energy production and infrastructure investment could create hundreds of thousands of additional jobs. Restrictive policies would take the United States back to an era of energy dependence – all based on the false idea that we must choose between energy self-sufficiency and environmental progress.”

The study assumes a scenario including no new private, State, or Federal oil and natural gas leases; a complete ban on hydraulic fracturing; no new coal mines or expansion of existing mines; and no new energy infrastructure including pipelines.

Some of the key findings of the study included the following:

  • Loss of 5.9 million jobs.
  • Loss of US$11.8 trillion in cumulative GDP.
  • Potential increase of US$40 in the price of a barrel of crude oil (WTI).
  • Potential increase of US$21 in the cost of natural gas (million Btu).

Gerard added: “Cutting US oil and natural gas production wouldn’t magically reduce world energy demand […] But it could raise costs significantly for American families and manufacturers, profoundly damage the US economy, diminish our geopolitical influence, and severely weaken our energy security. With forward-thinking energy policies, we can ensure the US energy renaissance continues to provide benefits for American consumers, workers and the environment.”

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