New US Oil, Gas Drilling = 1 Million New Jobs, $800 Billion New Revenue

A new study released this month is sure to fuel the debate over US domestic energy policy. The graphic-rich report shows the extent to which current US energy policies are cheating Americans of domestic oil and natural gas resources, as well as the jobs and government revenues that come with them. Key results of the study are:

• U.S. policies which encourage the development of new and existing resources could, by 2030, increase domestic oil and natural gas production by over 10 million boed [barrels of oil equivalent per day], support an additional 1.4 million jobs, and raise over $800 billion of cumulative additional government revenue.

• Continuing the current path of policies which slow down the issuance of leases and drilling permits, increase the cost of hydraulic fracturing through duplicative water or air quality regulations, or delay the construction of oil sands export pipelines such as Keystone XL, will likely have a detrimental effect on production, jobs, and government revenues.

Under a new development policy of new and existing resources, jobs would grow quickly over the next 10 years:


Revenues to the federal government would increase:

Americans would benefit from increased oil and gas availability:


The report also includes state-by-state projections of jobs and state revenues that could be expected from increased domestic oil and natural gas development.  Check it out here:  U.S. Supply Forecast and Potential Jobs and Economic Impacts (2012-2030) released September 7, 2011.