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U.S. Supply Forecast and Potential Jobs and Economic Impacts(2012-2030)
Released –September 7, 2011
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Study Background
API has requested Wood Mackenzie undertake a study whichexamines the energy supply, job and government revenue implicationsat the state and federal levels of enacting policies in the U.S. thatencourage the development of North American hydrocarbon resources.ven e g eve o unempoymen an ugeary sress acng enation, the findings of this study should be of interest to policy makersas they move forward to craft solutions to these problems.This study examines the impacts of opening access to key U.S. regions,return to historical levels of development on existing U.S. producingareas (including onshore U.S., the Gulf of Mexico and Alaska). Theeconomic impacts of the Keystone XL pipeline and other potentialCanada to U.S. oil pipelines are also considered.Additionally this report looks at the potential threats to production, jobsand government revenues associated with a continuation on the currentpath of an increased regulatory burden and slower permitting relative tohistorical levels.
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Key National Results
Wood Mackenzie’s analysis found that U.S. policies which encourage the development of new and existingresources could, by 2030, increase domestic oil and natural gas production by over 10 million boed,support an additional 1.4 million jobs, and raise over $800 billion of cumulative additional governmentrevenue. Whereas increasing regulatory burdens on the oil and gas upstream sector will result in higherdeveloment costs which can otentiall hinder the rowth of roduction tax revenues and ob creation. Continuing the current path of policies which slow down the issuance of leases and drilling permits,increase the cost of hydraulic fracturing through duplicative water or air quality regulations, or delay theconstruction of oil sands export pipelines such as Keystone XL, will have a detrimental effect onroductionobsandovernmentrevenues.
Development Policy Case Incremental Impacts:
(Change from the Current Path Case)
Total U.S. Oil and Natural Gas Production (Projected)
35
Total Potential Jobs Impact:
Approximately 1.0 million jobs by 2018 and over 1.4 million by 2030
15202530
m b o e d
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b c f e d
Development Policy CaseCurrent Path Case
Total cumulative potential government revenue:
Additional $36 billion by 2015 and nearly $803 billion by 2030
Total Potential Production impact:
By 2015, an additional 1.27 million boed could be produced, risingto 10.4 million boed by 2030. Over the period 2012 to 2030, it isestimated an additional cumulative 35.4 billion boe of reserves
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