A summary of US crude oil benefits as presented by Ryan Lance, CEO and Chairman, ConocoPhillips to policymakers.
Abundance
- All domestic oil should be allowed to compete freely in the global market.
- The value received by oil exports would be commensurate with global prices.
- The domestic price discount on light oil would be greatly reduced.
- There would be increased cash flow for reinvestment.
- A greater volume of wells and drilling plays would be come economic.
- Investment in new production in the US would increase.
Economic benefits
- Savings to consumers on fuel could hi US$18 billion /y.
- Job creation and economic development would improve.
- Between 2016 and 2030, expanded markets would incentivise US$750 billion in new exploration and production investment.
- The US would gain US$135 billion /y in GDP at the peak.
- At the peak, 1 million direct or supply chain jobs would be created.
- Trade balance would improve by US$67 billion /y.
- The US government would gain US$1.3 trillion in higher federal, state and local taxes and royalties between 2016 and 2030.
Jobs
- Energy production prevented the US downturn from being worse and spurred recovery.
- Oil and gas sector jobs expanded while others lagged behind.
- Since 2007, oil and gas jobs have increased by 65%.
- Total private sector growth only hit 2%.
Edited from press release by Claira Lloyd