Opportunity knocks: U.S. energy infrastructure could create a million jobs

American GDP could also get a $1.89-trillion boost by 2035, says API study

A million jobs in 18 years.

That’s what oil and gas infrastructure could create in the U.S., provided the appropriate regulatory policies are in place, according to a study released in early May by the American Petroleum Institute (API).

“Already, reliable access to energy has helped drive down utility, product and other energy-related costs, providing a $1,337 boost to the average American household in 2015,” says Kyle Isakower, the API’s vice president of regulatory and economic policy.

“U.S. industrial electricity costs are 30 to 50 percent lower than those of our foreign competitors, giving manufacturers—including producers of steel, chemicals, refined fuels, plastics, fertilizers and numerous other products—a major competitive advantage.”

The API study, carried out by an independent party, assesses the scope of the industry’s economic opportunity. According to the study, by 2035, energy infrastructure investment could:

• Support up to a million jobs;
• Add up to $1.89 trillion to the American gross domestic product (GDP);
• Support more than 48,000 jobs a year, and generating $95 billion in GDP, in the state of Ohio; and
• Support more than 40,000 jobs a year, and add $85 billion in GDP, in New York State.

“By moving forward with private investments in U.S. natural gas and oil infrastructure, we can ensure that the United States has the critical framework to sustain America’s energy leadership,” says API executive Robin Rorick.

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