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:
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.
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