Energy development helps promote local economy diversity

A new study released by the API has said that US counties have benefited from oil and gas development while preserving natural attractions such as local fishing, hunting, skiing and hiking.

Study details

The study analysed 16 US counties that have pursued various levels of energy development and found the oil and natural gas industry provides economic diversity in communities that rely on seasonal hospitality and recreation jobs. Liberty Source carried out the study and also showed that energy extraction can directly contribute to natural attractions and generate funding for education, trail maintenance and marketing for outdoor activities.

Comments on oil and gas stimulation

‘This study shows that oil and natural gas development can stimulate economic growth in areas that also support outdoor recreation,’ said API Vice President for Regulatory and Economic Policy Kyle Isakower. ‘Counties with an active oil and gas sector create jobs alongside employment in skiing, hunting, fishing and hiking.'

‘Each county is unique, but where oil and natural gas development is an option, it yields tremendous economic growth and is compatible with recreational activity,’ said Isakower. ‘Oil and gas revenues also provide needed funds for education, trail maintenance, and other local priorities.’

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.oilfieldtechnology.com/exploration/21082013/energy_diversifies_economies580/