The petroleum industry could generate 1 million jobs by 2018, and more than 1.4 million by 2030, if key U.S. regions are opened to development and regulatory burdens are lifted on current projects, according to a report issued by the American Petroleum Institute (API).
The report, released last Wednesday, also projects oil production growth by 10.4 million barrels a day and an increase of $803 billion in government revenue by 2030. The report was prepared by the Scotland-based Wood Mackenzie Research and Consulting.
These projections are based on the U.S. adopting “policies which encourage the development of new and existing resources,” states the report.
That means reduced government regulation, including opening many areas in Alaska, the Rocky Mountains, and the Atlantic and Pacific coasts that are currently “off-limits” to drilling; increasing the rate at which permits are issued for drilling in the Gulf of Mexico; and developing shale oil in New York State without burdensome environmental regulations.
Specifically, the policy changes include: opening non-park federal onshore and offshore areas to development where now prohibited; returning oil drilling permits in the Gulf of Mexico back to pre-spill levels; approving the Keystone XL and other pipelines; and establishing a regulatory environment that permits full development of the nation’s oil and gas resources, including those locked in shale formations.