American Oil and Gas Reporter - September 2020 - 32

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Ban On Federal Leasing Looks Costly
WASHINGTON-The American Petroleum Institute has released a new analysis that warns of negative consequences
if federal leasing for natural gas and oil
development on public lands and waters
is banned. The report projects that a ban
will force the United States to consume
more foreign energy sources, erase nearly
1 million American jobs, increase carbon
dioxide emissions and reduce revenue
that funds education and key conservation
programs.

32 THE AMERICAN OIL & GAS REPORTER

API President and Chief Executive Officer Mike Sommers notes that analysis
backs some of the key points industry
representatives have emphasized about the
country's energy security and economy.
"Banning federal leasing and development
on federal lands and waters would derail
decades of U.S. energy progress and return
us to the days of relying on foreign energy
sources hostile to American interests,"
Sommers relates.
The analysis, prepared for API by On-

Location, relies on the same software the
U.S. Energy Information Administration
uses to produce its Annual Energy Outlook.
It offers a number of key projections, including the likelihood that putting federal
lands and waters off-limits to oil and gas
leasing and activity risks U.S. energy security in numerous ways:
· By 2030, offshore natural gas production would plummet 68%, while oil
output would fall 44%.
· U.S. oil imports from foreign sources
would climb 2 million barrels a day.
· Through 2030, the United States
would spend $500 billion more on energy
from foreign suppliers.
Moreover, API observes, statistics indicate the U.S. economy would take a hit
from any such leasing and production
ban. For instance, the report predicts such
a scenario would drain a cumulative $700
billion from U.S. gross domestic product
through 2030. More than $9 billion in
government revenue, including funding
for state education and conservation programs, would be at risk.
Furthermore, API warns that such a ban
places nearly 1 million jobs at risk by 2022,
with some of the country's top producing
states suffering the most significant losses:
· Texas would lose nearly 120,000
jobs, $65 million in revenue, as well as
its portion of the $22 million in Land
and Water Conservation Fund dollars.
· Louisiana may lose more than
48,000 jobs and $95 million in revenue,
as well as its own share of LWCF funds.
· New Mexico stands to lose more
than 62,000 jobs, which accounts for more
than 5% of the state's total workforce. It
also may lose $1.1 billion in state revenue
and $2.5 million in funding through the
Land and Water Conservation Fund.
· Wyoming could see more than 33,000
people lose their jobs, which accounts for
8% of the state's workforce, and would see
its oil production fall 31% and its natural
gas production would drop 36%, endangering
$641 million in state revenue.
At the same time, the report offers evidence that such a ban would stall environmental progress, including calculations
that indicate coal use would increase
15% by 2030 and CO2 emissions would
increase by an average of 58 million
metric tons to represent a 5.5% increase
in the power sector by 2030.
API notes that the study comes on the
heels of a newly released poll by Morning
Consult showing two-thirds of voters in
key battleground states and other states
would be more likely to vote for candidates
who support access to U.S. oil and gas. ❒


http://reveal-energy.com

American Oil and Gas Reporter - September 2020

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Contents
American Oil and Gas Reporter - September 2020 - Intro
American Oil and Gas Reporter - September 2020 - 1
American Oil and Gas Reporter - September 2020 - 2
American Oil and Gas Reporter - September 2020 - 3
American Oil and Gas Reporter - September 2020 - 4
American Oil and Gas Reporter - September 2020 - Contents
American Oil and Gas Reporter - September 2020 - 6
American Oil and Gas Reporter - September 2020 - 7
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