Building new US oil and gas transportation systems could create more than 1 million new jobs, generate as much as $1.34 trillion of private investment, and add $1.89 trillion to nation’s gross domestic product, an ICF study commissioned by the American Petroleum Institute concluded.
A robust environment for US oil and gas infrastructure development has not yet run its course and is likely to continue for many years, with $1.06-1.34 trillion of total investments from 2017 through 2035, it said. All states would see advantages, the study added.
“Already, reliable access to energy has helped drive down utility, product, and other energy-related costs, providing a $1,337 boost to the average American household in 2015,” said Kyle Isakower, API vice-president of regulatory and economic policy, on May 3 as the study was released.
“US industrial electricity costs are 30-50% lower than those of our foreign competitors, giving manufacturers—including producers of steel, chemicals, refined fuels, plastics, fertilizers, and numerous other products—a major competitive advantage,” he said.
“The US leads the world in carbon reductions, thanks primarily to greater use of natural gas,” added API Midstream and Industry Group Director Robin Rorick, who also participated.
“Carbon emissions from power generation have plunged to nearly 30-year lows, and more than 60% of those reductions from 2005 to 2016 have been the result of switching to generation from clean-burning gas,” he said. “By moving forward with private investments in US oil and gas infrastructure, we can ensure that the US has the critical framework to sustain its energy leadership.”
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