Last year, energy development on federal lands, onshore and offshore, accounted for nearly a quarter of the crude oil and 12 percent of the natural gas produced in the United States. As the natural gas and oil industry delivers the fuels to power America’s economic recovery, we can prepare for our long-term energy needs by maintaining – and expanding – access to our country’s abundant natural resources.
But with a nationwide ban on federal leasing and development, lawmakers could reverse progress toward U.S. energy security and threaten America’s economic growth.
A new analysis from API, shows that, under a federal leasing and development ban, U.S. GDP would decline by a cumulative $700 billion through 2030, and more than $9 billion in government revenue would be at risk, including much-needed funding for education and conservation programs. Additionally, nearly 1 million industry jobs would be lost by 2022, and carbon dioxide emissions would increase 5.5 percent in the U.S. power sector by 2030.
American voters value affordable, reliable and cleaner natural gas and oil, as well as the industry’s commitment to expanding good-paying jobs, U.S. energy self-sufficiency and global climate solutions.
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