A new plan, released Tuesday, shows the economic and energy security benefits of the American Petroleum Institute’s policy plan to restore U.S. energy leadership.
The study, commissioned by API and conducted by Rystad Energy, analyzed API’s 10-point policy framework and found that implementing it could add more than 225,000 to the American economy by 2035 and spur nearly $200 billion in investments.
“In the midst of high inflation and geopolitical instability hitting family budgets from coast to coast, Americans are looking to policymakers for solutions, not the campaign rhetoric we heard from the administration yesterday,” API President and CEO Mike Sommers said. “It’s time for policymakers to stop the finger-pointing and embrace a new era of American energy leadership that recognizes our nation’s abundant resources, supports energy investment, creates new access, and keeps regulation from unnecessarily restricting energy growth.”
The study found that adopting the policies could enable pipeline investments and support federal leasing, which could lead to an increase in natural gas and oil production, including an increase in natural gas production in Appalachia by 2025. The plan could also generate $4.8 billion in additional federal royalties, taxes, and bid revenue from natural gas and oil development on federal lands and waters, the study found.
API’s plan advocates lifting development restrictions on federal lands and water, dismantling supply chain bottlenecks, advancing carbon energy tax provisions, and advancing the future energy workforce, among other policy recommendations.