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API-funded study quantifies benefits of access, harm of taxes

01/10/2011
Nick SnowWashington EditorIncreased access to US oil and natural gas resources currently off-limits could, by 2025, create 530,000 jobs; deliver $150 billion more in tax, royalty, and other sources of revenue; and boost domestic production by 4 million boe/d, a study commissioned by the American Petroleum Institute concluded.Raising taxes on the industry without making more federally controlled oil and gas resources available, by comparison, could reduce US production by 700,000 boe/d (in 2020), sacrifice as many as 170,000 jobs (in 2014), and reduce revenue to the government by billions of dollars annually, according to the Wood Mackenzie study, "Energy Policy at a Crossroads: An As...
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