?The development of America’s vast domestic oil and natural gas resources that had been kept off-limits by Congress for decades could generate more than $1.7 trillion in government revenue, create thousands of new jobs and enhance the nation’s energy security by significantly boosting domestic production.


These are the findings of a study conducted by professional-services company ICF International, and commissioned by the American Petroleum Institute (API).


The findings show that developing the offshore areas that had been subject to Congressional moratoria until recently, as well as the resources in Alaska’s Arctic National Wildlife Refuge and a small portion of currently unavailable federal land in the Rockies, would increase daily U.S. oil production by as much as 2 million barrels in 2030, offsetting nearly a fifth of the nation’s imports.


Daily gas production could increase by 5.34 billion cubic feet, or the equivalent of 61% of the expected gas imports in 2030.


The study findings also estimate that the development of all U.S. oil and gas resources on federal lands could exceed $4 trillion in federal revenue over the life of the resources.


“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,” says API president and chief executive Jack Gerard.


“The U.S. oil and natural gas industry supports more than 6 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 ICF study findings, U.S. oil production would grow 36% by 2030 if development is permitted in the studied areas of the Outer Continental Shelf, ANWR and the Rockies, and domestic gas production would grow 10%. By 2030, these efforts would create 160,000 jobs.

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