New Study Details Economic, Energy Security Benefits of API Plan to Restore U.S. Energy Leadership
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WASHINGTON, November 1, 2022 – The American Petroleum Institute (API) today released a new analysis detailing the economic and energy security benefits of API’s 10 in 2022 policy plan to restore U.S. energy leadership. The study, commissioned by API and conducted by Rystad Energy, found that implementing the ten point policy framework could spur nearly $200 billion in direct investment, generate over 226,000 jobs by 2035 and support production growth in natural gas, oil, CCUS and hydrogen.
“In the midst of high inflation and geopolitical instability hitting family budgets from coast to coast, Americans are looking to policymakers for solutions, not the campaign rhetoric we heard from the administration yesterday,” API President and CEO Mike Sommers said. “It’s time for policymakers to stop the finger pointing and embrace a new era of American energy leadership that recognizes 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 $200 billion in direct investment from 2023 to 2035, helping to support an additional $17 billion of U.S. GDP in 2025 and $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 Bcf/d of new natural gas production in Appalachia by 2025. The plan could also boost CCUS capacity by 250 Mtpa and support 30 Mtpa in new hydrogen capacity through 2035.
- Employment: The policies could support 226,000 new jobs in 2035.
- Federal Revenues: From 2023 through 2035, the plan could generate $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.
API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.