API President and CEO Jack Gerard said today that the latest report by IHS Global Insight shows development of America’s unconventional oil and natural gas resources could create nearly 2 million new jobs over the next two decades, reawaken American manufacturing, and provide massive revenues to the government.
"The study highlights the extraordinary opportunities we have right here at home to develop our unconventional oil and gas resources and return our economy to a pro-growth engine,” Gerard said. “Polls show Americans’ top priority is job creation and the oil and natural gas industry will be a driver for those new jobs, with nearly three quarters of a million new jobs added over just the next three years.”
The report, America’s New Energy Future: The Unconventional Oil and Gas Revolution and the U.S. Economy, finds that unconventional oil and natural gas production could produce significant growth in capital expenditures and employment, including:
• More than $5.1 trillion in cumulative capital expenditures by 2035.
• Adding 1.2 million new jobs by 2020, and supporting a total of 3.5 million jobs by 2035.
• Almost $62 billion in additional federal, state and local tax receipts in 2012 and more than $111 billion in 2020, with a total of more than $2.5 trillion in cumulative added revenues between 2012 and 2035.
The report was sponsored by API, the Institute for 21st Century Energy, the American Chemistry Council, and the Natural Gas Supply Association.
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.