The American Petroleum Institute (API) today released a new analysis detailing the economic and energy security benefits of API’s 10 to 2022 policy plan to restore US energy leadership.
The study found that implementing the 10-point policy framework could spur nearly $200 billion in direct investment, create 225,000 jobs by 2035, and support production growth in natural gas, oil, carbon capture utilization and storage (CCUS), and hydrogen.
“Amidst 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,” said API President and CEO Mike Somers.
“It’s time for policymakers to stop pointing fingers and embrace a new era of American energy leadership that recognizes our nation’s abundant resources, supports energy investment, creates new access and curbs unsustainable energy growth,” he said.
Key findings from the analysis, commissioned by API and conducted by Rystad Energy, include:
- direct investment: Adopting the policies detailed in the 10-point framework could stimulate nearly $200 billion in direct investment from 2023 to 2035, helping to support an additional $12.2 billion of US GDP in 2025 and $27 billion in 2035.
- product: Policies enabling pipeline investment and supporting federal leasing could increase natural gas and oil production in Appalachia with 4.6 Bcf/d of new natural gas production by 2025. The plan would increase CCUS capacity by 250 metric tons per annum (Mtpa) and support 30 Mtpa in new hydrogen capacity by 2035.
- Employment: Policies could support 225,000 new jobs in 2035.
- Federal Revenue: From 2023 to 2035, the plan could generate $4.8 billion in federal land and water bid revenue from additional federal royalties, taxes, and natural gas and oil development.
Click here to view the full report.
Click here for 10 policy plan in 2022.