American Oil and Natural Gas are Vital to Rebuilding the U.S. Economy

WASHINGTON –  Following Leader Kevin McCarthy’s “Commitment to America” announcement, the American Exploration and Production Council (AXPC) underscored how the oil and gas industry is committed to America and how access to affordable, reliable American energy provides economic benefits to our country:

“The oil and natural gas industry provides our country with jobs, economic growth, and energy security.  US Independent producers helped spur the economic growth needed to take us out of the last recession and oil and natural gas are vital to rebuilding the US economy, as our industry provides good-paying jobs across the country, energy security for global diplomacy, and a clean environment through the increased use of natural gas,” said Anne Bradbury AXPC CEO.

BACKGROUND:
Leader McCarthy’s “Commitment to America,” includes a focus on the need to “Rebuild the Greatest Economy in History by getting America working and adding 10 million new good-paying jobs; ending our dependence on China and enhancing our economic security; and upgrading America’s critical infrastructure.”  Oil and natural gas produced in America can support this rebuilding by:

Supporting Jobs, Infrastructure, and Economic Growth Across America

    • U.S. oil and gas companies provide good, American jobs: 1 million direct upstream onshore jobs
    • Oil and gas production on federal land resulted in over $1.5 BILLION in revenue
    • The U.S. Shale industry credited with driving 10 percent of US GDP growth from 2010 to 2015
    • The average pay in the oil and gas industry is nearly $50,000 higher than the U.S. average
    • States with the highest shale production also enjoyed massive employment growth. For example, the Dallas Fed calculated that North Dakota experienced annual job growth of 5.3 percent and Texas employment rose 3 percent from 2011 to 2014, beating the U.S. average of just 1.7 percent during that time span.
    • Natural gas and oil industry sector-projects are higher paying, provide better health and retirement benefits, have more long-term job growth opportunities, and are more stable careers than jobs in renewable energy, according to a national survey of union and nonunion workers by North America’s Building Trades Unions (NABTU).

Furthering Environmental Progress

    • Clean natural gas largely contributed to U.S. CO2 emissions being at the lowest levels in a generation. Drivers of growth in natural gas production include technological advancements, new investments, and regulations encouraging its use.
    • New infrastructure is required to transport natural gas from energy Basins to locations where oil and natural gas are in high demand. And, pipelines are proven to deliver oil and gas in a safe and environmentally protective way from producers to customers.
    • Our companies have the lowest emissions in the world: According to the EPA, from 2005 to 2018, total U.S. energy-related CO2 emissions fell by 12 percent. In contrast, global energy-related emissions increased nearly 24 percent during this period.
    • Methane emissions from oil and natural gas systems are down 23 percent since 1990, according to the 2020 edition of EPA’s Inventory of U.S. Greenhouse Gas Emissions and Sinks
    • Production of natural gas is expected to grow over time, as the demand for natural gas continues to grow across the country. According to the U.S. Department of Energy, gas demand for power generation grew from 15.8 billion cubic feet per day in 2005 to 22.2 billion cubic feet per day in 2013.  And, growing markets could spur significantly more growth – up to 130 billion cubic feet per day by 2035. Between 29,000 and 62,000 miles of new pipeline is needed over the next 25 years to accommodate the expected demand.

About the American Exploration and Production Council:
AXPC is a national trade association representing the largest independent oil and natural gas exploration and production companies in the United States. We lead the world in the cleanest and safest onshore production of oil and gas, while supporting millions of Americans in high-paying jobs and investing a wealth of resources in our communities. Learn more at https://www.axpc.org/

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