The American Petroleum Institute (API) today released a new analysis detailing the economic benefits and energy security of API’s 10 by 2022 policy plan to restore US energy leadership.
The study found that the implementation of the 10-point policy framework could encourage almost 200 billion billion in direct investment, generate more than 225,000 jobs by 2035 and support the growth of production in natural gas, oil, carbon consumption and storage (CCUS) and hydrogen.
“Amid 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 Sommers.
“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 keeps regulation from unnecessarily restricting energy growth,” he said.
Key findings from the analysis, commissioned by API and conducted by Rystad Energy, include:
- Direct investment: Adoption of the policies outlined in the 10-point framework could encourage nearly $200 billion in direct investment from 2023 to 2035, helping to support $12.2 billion in US GDP in 2025 and $27 billion in 2035.
- Product: Policies that allow for advanced investment and subsidize 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 can increase the capacity of CCUS by 250 metric tons per year (Mtpa ) and support 30 Mtpa in new hydrogen capacity through 2035.
- Employment: Policies could support 225,000 new jobs by 2035.
- Federal Revenues: From 2023 to 2035, the plan could generate $4.8 billion in additional federal funds, taxes and bid revenue for natural gas and oil development on federal land and water.
Click here to view the full report.
Click here for the 10 by 2022 policy plan.