U.S. OIL & GAS: 10.3 MLN JOBS
API - According to new economic studies released today, opening the U.S. Outer Continental Shelf (OCS) to offshore oil and natural gas development would be an economic catalyst – promoting U.S. jobs, investments, and increased tax revenue - for states across the country.
"The oil and natural gas industry is a major contributor to the American economy and helps meet America's constantly increasing energy needs. We support more than 10.3 million U.S. jobs and contribute $1.3 trillion to the U.S. economy - benefits that are felt across the country," said API Director of Upstream and Industry Operations Erik Milito.
"With more than 94 percent of the total acreage in federal offshore waters currently inaccessible, opening the Outer Continental Shelf (OCS) to safe and responsible offshore energy development could further advance our energy renaissance – including more higher-paying jobs, investments in local communities, additional state revenue for public education and infrastructure, and long-term energy self-sufficiency," said Milito.
According to the four regional studies by Calash and Northern Economics which analyze the potential economic impact of oil and natural gas development in the OCS by region, the U.S. could see significant economic gains, including:
- Projected $260 billion total cumulative spending over the twenty-year period
- $22 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
- Nearly 265,000 jobs supported across the nation within twenty years
- Projected $160 billion total cumulative spending over the twenty-year period
- $25 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
- Over 300,000 jobs supported across the nation within twenty years
Eastern Gulf OCS
- Projected $118 billion total cumulative spending over the twenty-year period
- $14 billion spent per year by the oil and natural gas industry twenty years after initial lease sales
- Nearly 165,000 jobs supported across the nation within twenty years
- Projected $53.4 billion total cumulative spending over the twenty-year period
- An estimated nearly $2 billion spent on average per year by the oil and natural gas industry
- Support up to about 13,500 jobs per year across the nation over the twenty-year period
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.