API Releases Study: Energy Development Helps Promote Local Economic Diversity
U.S. counties have benefited from oil and gas development while preserving natural attractions such as local fishing, hunting, skiing and hiking, according to a new study released by API.
“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.”
The study analyzed 16 U.S. 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. The study by Liberty Source also concluded that energy extraction can directly contribute to natural attractions and generate funding for education, trail maintenance, and marketing for outdoor activities.
“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.”
A copy of the report, “The Role of Oil and Gas and Amenities in County Economic Development,” can be found here (http://www.api.org/news-and-media/docs/~/media/Files/News/2013/13-August/Liberty%20Final%20Report%205.pdf).
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 500 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $86M a day in revenue to our government, and, since 2000, has invested over $2T in U.S. capital projects to advance all forms of energy, including alternatives.