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Off-limits US Oil, Gas Worth $1.7 Trillion to Government


By Karen Matusic
API
December 8, 2008


The development of America’s vast domestic oil
and natural gas resources that had been kept off-limits by
Congress for decades could generate more than $1.7 trillion in
government revenue, create thousands of new jobs and enhance
the nation’s energy security by significantly boosting
domestic production, a study released Monday shows.

The ICF International study, commissioned by the American
Petroleum Institute (API), shows that developing the offshore
areas that had been subject to Congressional moratoria until
recently, as well as the resources in Alaska’s Arctic National
Wildlife Refuge and a small portion of currently unavailable
federal lands in the Rockies, would lift U.S. crude oil
production by as much as 2 million barrels per day in 2030,
offsetting nearly a fifth of the nation’s imports. Natural gas
production could increase by 5.34 billion cubic feet per day,
or the equivalent of 61 percent of the expected natural gas
imports in 2030.

The study also estimates that the development of all U.S. oil
and natural gas resources on federal lands could exceed $4
trillion over the life of the resources.

“This study underscores how the oil and natural gas industry
can enhance America’s energy security and help solve our
economic problems by increasing production of our nation’s
vast oil and natural gas resources,” said API President and
CEO Jack N. Gerard. “The U.S. oil and natural gas industry
supports more than six million jobs, and more drilling for oil
and natural gas will mean more energy for America, more
well-paying jobs, and trillions of dollars of much-needed
revenues that will help federal, state and local governments
pay for critical services.”

According to the ICF study, U.S. crude oil production would
rise by 36% by 2030 if development is permitted in the studied
areas of the Outer Continental Shelf, ANWR and the Rockies and
domestic natural gas production would rise by 10%. By 2030,
this activity would create 160,000 jobs.

API is the industry’s national trade association that
represents all aspects of America’s oil and natural gas
industry. Global professional services company ICF
International partners with government and commercial clients
to deliver consulting services and technology solutions in
energy, climate change, environment, transportation, social
programs, health, defense, and emergency management.

 

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