Develop America’sEnergy Resources
Developing North America’s vast oil and natural gas resources, bothofshore and onshore, will helpmeet growing energy demand, createhundreds o thousands o new U.S. jobs, provide billions in criticalrevenue to ederal, state and localgovernments, and enhance ourenergy security. With this in mind,policymakers should:
Re-examine and reconsider limitingofshore exploration and productionin the eastern Gul o Mexico and inthe Atlantic and Pacic.
Continue plans or on- and ofshore Alaska development, which willgenerate thousands o jobs through-out the country—rom pipelinemanuacturers in the Midwestand computer technicians on thecoast to labor union workers orconstruction and maintenance.
Expeditiously process and approvedrilling plans and permits orpending and uture lease areas.
Support the onshore developmento natural gas, including shale gas,and rerain rom imposing unnec-essary new regulations or taxes onnatural gas operations.
Promote policies and a regulatory environment that will support thegrowth and ree trade o Canadianoil sands, a reliable, sae and readily available energy source, includingthe approval o key pipeline projectsthat will help create jobs in both theUnited States and Canada.
Avoid PunitiveNew Energy Taxes
With policies that create and sustain a level playing eld orall energy options, the oil and natural gas industry will createnew jobs and help uel the nation’seconomy. Conversely, adding billions o dollars in new and punitive taxes on our industry will have a devastating impact on American jobs and economicgrowth. With this in mind,policymakers should:
Advance policies that encouragecompany investment—creating jobs and making U.S. companiesmore competitive.
Resist eforts to impose punitivenew taxes or costly and unnecessary regulations on American energy companies that would kill jobs,slow or reverse economic growthand harm American businesses andconsumers alike.
Enact Smart EnergyPolicy Based on SoundEconomic Principles
Burdensome and unnecessary EPA regulations could erode industry environmental and eciency gainsand have unintended consequencesor the U.S. economy. Our nationneeds policies that provide or energy exploration, energy production and environmental protection. With thisin mind, policymakers should:
Prevent the unintended consequenceso EPA proposals. EPA’s mission canand should be met through scienti-cally sound, cost-efective measuresthat allow or continued economicgrowth and job creation.
Allow Congress to commit to athoughtul and balanced approachto climate change that involves allstakeholders, rather than continueEPA eforts to regulate GHGemissions under the Clean Air Act.
What Policymakers Should Do
IndustryEmploymentLabor Income( $ millions) Value Added( $ millions)
Direct Impact of the Oil and Natural Gas Industry2,123,291199,344456,971Indirect
and Induced Impacts on Other Industries7,114,090358,916580,089Services3,399,474149,462181,720Wholesale and Retail Trade1,174,76249,71180,915Finance, Insurance, Real Estate, Rental and Leasing828,90447,48773,322Manufacturing680,83449,93673,322Transportation and Warehousing276,49213,89218,746Construction220,92311,18513,722Information165,85915,20629,324 Agriculture122,542,2,1935,197Utilities26,2724,30914,652Mining10,8981,0372,068Other207,13014,49916,122Total Impact9,237,381558,2601,037,060
As a % of U.S. Total5.2%6.3%7.5%
The Economic Impacts of the Oil and Natural GasIndustry on the U.S. Economy in 2007 by Industry
“The Economic Impacts of the Oil and Natural Gas Industry on the U.S. Economy,”