CATEGORIZED | News

Policy changes could create more than 1.4 million jobs in oil and gas industry, API-sponsored study finds

Posted on 20 September 2011

US oil and natural gas policy changes could generate more than 1.4 million jobs, $800 billion in additional government revenue and 10 million barrels worth of added daily oil and natural gas production by 2030, according to a study by Wood Mackenzie released by the American Petroleum Institute (API) earlier this month. There’s potential for new jobs to be added in every state.

Jack Gerard, API president and CEO, says "it’s time our national energy policy let America take advantage" of the potential jobs.

“Our industry has kept more than 9 million Americans employed through some of the toughest economic times in America’s history, and we created thousands of jobs just last month,” API president and CEO Jack Gerard said. “The study shows we could provide another 1.4 million jobs, with as many as one million created in just the next seven years, and thousands of shovel-ready jobs available next year. It’s time our national energy policy let America take advantage of this opportunity.”

“The creation of these jobs is within the president’s control,” Mr Gerard added. “The policy changes involve actions he can take unilaterally. They do not require a super committee of Congress, and they do not require new legislation.”

The policy changes include opening non-park federal onshore and offshore areas to development where it is now prohibited, returning permits in the Gulf of Mexico to historical levels, approving the Keystone XL pipeline project and other pipelines, and establishing a regulatory environment that permits full development of the nation’s oil and gas resources, including those locked in shale formations.

US oil and natural gas consumption would not necessarily increase as a result, according to API. The changes would allow America to produce at home a larger percentage of the oil and natural gas it consumes, which would reduce imports. “If the full potential of domestic oil and gas production could be achieved while also increasing imports of Canadian oil, all of America’s liquid fuels could come from secure North American sources within 15 years,” Mr Gerard said.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 17 April 2014

    Shell makes deepwater gas discovery offshore Malaysia

    Shell has made an exploration discovery offshore Malaysia in the Rosmari-1 well located 135 km offshore Malaysia in Block SK318. The well was drilled to a total depth of 2,123...

  • 16 April 2014

    Maersk Drilling takes delivery of ultra-deepwater drillship

    Maersk Drilling has taken the delivery of its second drillship, Maersk Valiant from the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South-Korea. Maersk Valiant has begun its voyage toward the...

  • 16 April 2014

    Ensco orders new jackups from Lamprell

    Ensco has ordered two high-specification jackups, ENSCO 140 and ENSCO 141, for delivery in mid-2016 from Lamprell’s shipyard in the United Arab Emirates. The rigs will also...

  • 16 April 2014

    MPD/UBD successfully drills sidetrack after 6 failed conventional drilling attempts

    In the Brookeland Field in East Texas, conventional drilling methods failed in six attempts to drill a “straightforward” horizontal wellbore. The original well had surface casing installed...

  • 16 April 2014

    Chevron’s DGD training program serves array of learners across generations

    Since 2008, more than 400 people – from operators, drilling contractors, service companies and regulators – have completed Chevron’s dual-gradient drilling (DGD) training...

  • Read more news