A new state by state analysis has show that 18 US states could gain over 5000 jobs each by 2020 from exports of US crude oil. The study has also forecast that most states could see economic activity grow by hundreds of millions of dollars due to growing energy production and downward pressure on prices at the pump.
Report and findings
The report was conducted by ICF International and EnSys energy. It gives a state by state analysis of the economic benefits which were outlined earlier this year, showing that lifting export restrictions could save consumers up to US$ 5.8 billion/y, on average, between 2015 and 2035, as higher production and efficient markets help boost supplies and lower costs. The new report shows that if current crude export restrictions were lifted:
- Depending on global price trends, nine states could see over US$ 1 billion each in state economic gains in 2020, with slower growth through 2035 after new drilling plateaus.
- Eight states could gain over 10 000 jobs each in 2020.
- Texas alone could gain up to US$ 5.21 billion in added economic activity and 40 921 jobs in 2020.
- North Dakota could gain 22 215 added jobs and US$ 4.81 billion in state economic growth in 2020.
- States with significant manufacturing and consumer spending, such as California, could add 23 787 jobs and US$ 2.06 billion in economic activity in 2020.
- New York could add 15 350 jobs and US$ 1.95 billion in economic activity in 2020.
- Illinois could add 10 033 jobs and US$ 990 million in state income in 2020.
Adapted from press release by Claira Lloyd
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/30052014/api_report_on_crude_export_benefits/