API has released a new study, "U.S. Oil and Gas Infrastructure Investment Through 2035," that shows private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.
"By 2035, if the right regulatory policies are in place, private investment could exceed $1.3 trillion for oil and natural gas infrastructure and create more than 1 million jobs," said Kyle Isakower, API vice president of regulatory and economic policy. "Already, reliable access to energy has helped drive down utility, product and other energy-related costs, providing a $1,337 boost to the average American household in 2015. U.S. industrial electricity costs are 30-percent to 50-percent lower than those of our foreign competitors, giving manufacturers -- including producers of steel, chemicals, refined fuels, plastics and numerous other products -- a major competitive advantage."
"The United States leads the world in carbon reductions thanks primarily to greater use of natural gas," said Robin Rorick, API midstream and industry operations group director. "Carbon emissions from power generation have plunged to nearly 30-year lows, and more than 60 percent of those reductions from 2005-2016 have been the result of switching to generation from clean-burning natural gas. By moving forward with private investments in U.S. natural gas and oil infrastructure, we can ensure the United States has the critical framework to sustain America's energy leadership."
API investigated the scope of the economic opportunity and the amount of oil and natural gas infrastructure development likely in the U.S. over the next two decades. According to the study, all states would see advantages, especially Ohio, where energy infrastructure investment could support more than 48,000 jobs/year and generate more than $95 billion through 2035, and New York, where investments in energy infrastructure could support more than 40,000 jobs/year and generate more than $85 billion.
For more information, visit www.api.org or call (202) 682-8000.
