A reversal of current policy could increase daily oil and natural gas production by 10 million barrels by 2030, while creating 1.4 million U.S. jobs and adding $800 billion to government revenue, according to a study sponsored by the American Petroleum Institute.
The report, U.S. Supply Forecast and Potential Jobs and Economic Impacts (2012-2030) [pdf] by energy consulting firm Wood Mackenzie, considered the effects of a regulatory environment that permits full development of the nation’s oil and gas resources, including those locked in shale formations. The policy scenario also included a repeal of a government ban on non-park federal onshore and offshore exploration and production, as well as reinstating exploration in the Gulf of Mexico to historical levels, and approving the Keystone XL and other pipelines.
U.S. oil and natural gas consumption would not necessarily increase as a result of these policy changes, according to API. The group says these policies would allow the U.S. to produce a much larger percentage of the oil and natural gas it consumes. “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,” API President and CEO Jack Gerard said.
API represents more than 480 oil and natural gas companies that supply most of America’s energy.