President Barack Obama on Tuesday (Dec. 20) designated the bulk of U.S.-owned waters in the Arctic Ocean and certain areas in the Atlan... Read More
Development of America's sizable stores of energy resources are helping to drive the American economy forward on the national, state, and local levels.
America's energy industry already supports more than 9.8 million U.S. jobs. And with more pro-development policies in place, the industry could support an addtional 1 million U.S. jobs by 2025 and 2.3 million jobs by 2035.
In fact, increased energy production could generate an additional $443 billion per year contribution to GDP, and $122 billion per year in additional government revenue.
Two areas that are ripe with opportunity to provide significant local benefit are liquid natural gas exports and expanded offshore exploration and development of oil and natural gas.
Liquid Natural Gas Exports
Exports of liquid natural gas (LNG) could contribute $10 to $31 billion per state to each of economies of natural gas-producing states, such as Texas, Louisiana, and Pennsylvania, by 2035. They could also see employment gains of 60,000 to 155,000 jobs each.
And non-natural-gas producing states will benefit from LNG exports too. States with large manufcturing bases — like Ohio, California, New York, and Illinois — will see economic gains as high as $2.6 to $5.0 billion per state in 2035.
Over half of all states could see more than $1 billion in state income gains from LNG exports by 2035 and at least 6,000 net jobs.
Offshore Exploration & Development
More offshore energy development will lead to more local jobs which, in addition to the new tax revenue it provides to local and state governments.
By 2035, offshore oil and natural gas development could produce an incremental 1.3 million barrels of oil equivalent per day, generate nearly 280,000 jobs, contribute up to $23.5 billion per year to the U.S. economy, and generate $51 billion in cumulative government revenue.
Delivering offshore energy to the American people is safer than ever as a result of industry’s leadership and continuous investments in safety. The standard and regulations in America are more stringent than in any other pace in the world. And the industry will continue to develop strict standards for offshore safety to protect its workers and our environment.
Increased domestic offshore energy production will mean long-term, sustainable economic growth that actually helps increase local revenues — rather than drain them.