This study by Wood Mackenzie examines the impacts of opening access to key U.S. regions which are currently closed to development, as well as assessing a return to historical levels of development on existing U.S. producing areas (including onshore U.S., the Gulf of Mexico and Alaska). The economic impacts of the Keystone XL pipeline and other potential Canada to U.S. oil pipelines are also considered.
The U.S. oil and natural gas industry supports 9.8 million jobs nationwide and supports 8% of GDP.
Technological innovations in America’s oil and natural gas industry are resulting in new opportunities to put more people to work, boost domestic production, grow government revenue, and save many billions annually in imported energy costs.
The offshore oil and natural gas industry is instrumental to the United States both from an energy supply perspective and due to its contribution to U.S. GDP and job creation.