A new ICF International study has found that developing domestic energy resources in offshore areas and Alaska's Arctic National Wildlife Refuge could generate more than $1.7 trillion in government revenue, create thousands of new jobs and bolster America's energy security.
The study, which was commissioned by the American Petroleum Institute (API), indicates that developing the resources that have been subject to a congressional drilling ban would increase crude oil production by up to 2 million barrels a day in 2030. Natural gas production would also increase, by an estimated 5.34 billion cubic feet per day, by 2030.
API president and chief executive officer Jack N. Gerard says, "This study underscores how the oil and natural gas industry can enhance America's energy security and help solve our economic problems by increasing production of our nation's vast oil and natural gas resources.
"The U.S. oil and natural gas industry supports more than six million jobs, and more drilling for oil and natural gas will mean more energy for America, more well-paying jobs, and trillions of dollars of much-needed revenues that will help federal, state and local governments pay for critical services."
According to the study, the development of all domestic oil and gas resources could exceed $4 trillion over the life of the resources.
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