Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the Economy

By
Tuesday, July 27, 2010 at 2:07 pm

Here’s the internal American Petroleum Institute analysis that breaks down the economic effects that regulations proposed in light of the Deepwater Horizon oil spill could have on the oil industry.

The analysis presumes that oil spill response legislation and a moratorium on deepwater drilling in the Gulf will significantly increase the cost of future exploration and drilling. That increase cost could create an economic disincentive to drill in deep water off the Gulf coast, the analysis says. If deepwater drilling were to stop “due to sub-economic returns,” as the analysis puts it, API says the country would face the following economic impacts:

  • 93,000 lost jobs in the oil and natural gas sector every year through 2035
  • 82,000 lost jobs in sectors that depend on the oil and gas industry every year through 2035
  • A reduction in GDP of $20 billion a year, totaling $500 billion over the next 25 years
  • A 27 percent reduction in long-term domestic oil production
  • A 19 percent increase in long-term foreign oil imports

The analysis does not make API’s methodology for coming up with these figures clear, but the document is valuable for anybody looking to get a look at the oil industry’s main talking point going forward: oil industry regulation will kill jobs and harm the economy.

Follow Andrew Restuccia on Twitter


Comments

15 Comments

Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the Economy North Capitol Street
Pingback posted July 27, 2010 @ 2:11 pm

[...] View full post on The Washington Independent [...]


House votes on pared-down measure to fund war North Capitol Street
Pingback posted July 27, 2010 @ 2:39 pm

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


Oil Spill News
Pingback posted July 27, 2010 @ 2:47 pm

[...] the rest of this great post here Comments (0)    Posted in Oil Spill   [...]


Temporary Test Blog » Blog Archive » ‘Reckless’ oil drill ban killing Gulf economy: lawmakers - AFP
Pingback posted July 27, 2010 @ 3:42 pm

[...] drilling moratorium: good for the Gulf, bad for the economy?Christian Science MonitorOil Industry: Upcoming Legislation Will Kill Jobs and Harm the EconomyThe Washington IndependentBan's US effects slim, analysts sayDaily CometOpposing [...]


Reid Weighs A “Down Payment” Approach To Immigration Reform North Capitol Street
Pingback posted July 27, 2010 @ 7:01 pm

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


Obama vows to continue pushing climate legislation, carbon limits North Capitol Street
Pingback posted July 27, 2010 @ 7:10 pm

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


monkey99
Comment posted July 27, 2010 @ 8:14 pm

If any of that happens, it will be because the oil industry has CUT those jobs. It's time to stop blaming renewable energies for the cessation of recklessness, pollution of the planet, and corporate monopoly.

The GDP won't suffer, if green energy is adopted, which we all know the oil industry opposes.

Those decreases and increases won't matter, because we'll be on the way to energy independence.

Now all we need is the balls to do so.


Manchin very disappointed about lack of school reform North Capitol Street
Pingback posted July 27, 2010 @ 9:28 pm

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


Heard on the Hill: ESPN’s Andrews Switches to the C-SPAN Circuit North Capitol Street
Pingback posted July 28, 2010 @ 1:26 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


K Street Files: Hill Reaction to Spill Puts Jobs in Jeopardy, Oil Lobby Says North Capitol Street
Pingback posted July 28, 2010 @ 2:54 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


Animal rightists foster image of animal cruelty in Texas and other states | business suit
Pingback posted July 28, 2010 @ 3:15 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the Economy « The Washington Indepe… [...]


Dems give up on comprehensive … | america1first.com
Pingback posted July 28, 2010 @ 5:33 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the … [...]


Articles » Blog Archive » AB 32 Legislation Needs Careful Implementation
Pingback posted July 29, 2010 @ 5:26 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the …Labrador signs pledge against climate change legislation Idaho …What happened to climate change legislation? | theCLogGlobal Voices in English Africa's Hunger Hardships Spur Biotech … [...]


Shishi Cloth Market | business suit
Pingback posted August 23, 2010 @ 12:23 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the Economy « The Washington Indepe… [...]


2006 Sixth China International Electric Power Equipment and Technology Exhibition – electricity, equipment, exhibition – HC net electrical industry | business suit
Pingback posted August 23, 2010 @ 2:05 am

[...] Oil Industry: Upcoming Legislation Will Kill Jobs and Harm the Economy « The Washington Indepe… [...]


RSS feed for comments on this post.

Sorry, the comment form is closed at this time.