API releases analysis of energy policy plan

The study, commissioned by API and conducted by Rystad Energy, found that implementing the ten point policy framework could spur nearly US$200 billion in direct investment, generate over 225 000 jobs by 2035 and support production growth in natural gas, oil, CCUS and hydrogen.

API President and CEO Mike Sommers said: “In the midst of high inflation and geopolitical instability hitting family budgets from coast to coast, Americans are looking to policymakers for solutions […] It’s time for policymakers to stop the finger pointing and embrace a new era of American energy leadership that recognises our nation’s abundant resources, supports energy investment, creates new access and keeps regulation from unnecessarily restricting energy growth.”

Key findings from the analysis include:

• Direct Investment: adopting the policies detailed in the ten point framework could spur nearly US$200 billion in direct investment from 2023 to 2035, helping to support an additional US$12.2 billion of US GDP in 2025 and US$27 billion in 2035.
• Production: policies that enable pipeline investments and support federal leasing could lead to increased natural gas and oil production, including 4.6 billion ft³/d of new natural gas production in Appalachia by 2025. The plan could also boost CCUS capacity by 250 million tpy and support 30 million tpy in new hydrogen capacity through 2035.
• Employment: the policies could support 225 000 new jobs in 2035.
• Federal revenues: from 2023 through 2035, the plan could generate US$4.8 billion in additional federal royalties, taxes and bid revenue from natural gas and oil development on federal lands and waters.

Click here to view the full report.

Read the article online at: https://www.hydrocarbonengineering.com/refining/04112022/api-releases-analysis-of-energy-policy-plan/