By erasing burdensome regulations, the oil industry could create one million jobs by 2018 and more than 1.4 million by 2030, according to an analysis released by the American Petroleum Institute (API). The report, prepared by Wood Mackenzie Research and Consulting and funded by API, also projects that oil production could grow by 10.4 million barrels a day and increase government revenue by $803 billion by 2030.
Lifting regulatory burdens and uncorking key regions of the United States to oil exploration and development would curb gas prices, ease U.S. dependence on hostile nations, and create hundreds of thousands of jobs every year, API noted. Abrogating terrain and coastal restrictions would mean granting access to regions that are currently "off-limits" to drilling, including oil-rich areas in Alaska, the Rocky Mountains, and the Atlanta and Pacific coasts.
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