The American Petroleum Institute (API) released a new study that shows private investment in US natural gas and oil infrastructure could create over 1 million US jobs within the next two decades.
“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 $1,337 boost to the average American household in 2015,” Isakower said. “US 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 US natural gas and oil infrastructure we can ensure that the United States has the critical framework to sustain America's energy leadership.”
According to the API study, the scope of US economic opportunity in oil and natural gas infrastructure development over the next two decades includes:
• 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 US GDP.