Private investment in US oil, gas infrastructure ‘to exceed $1.3tn by 2035’

Private investment in US oil and gas infrastructure could help create more than one million jobs. A new report, which looked into the amount of infrastructure development likely over the […]

Register now!

By Priyanka Shrestha

Private investment in US oil and gas infrastructure could help create more than one million jobs.

A new report, which looked into the amount of infrastructure development likely over the next two decades, forecasts private investment to exceed $1.3 trillion (£1tn) by 2035 if the right regulatory policies are in place.

It suggests up to $1.89 trillion (£1.5tn) could also be added to US GDP.

The report from oil and gas trade body API adds all states would see advantages, including Ohio, with energy infrastructure investment supporting more than 48,000 jobs per year and contributing more than $95 billion (£73.6bn) to the state’s GDP through 2035.

Around 40,000 jobs per year are expected to be created in New York, adding more than $85 billion (£65.9bn) in GDP growth.

Robin Rorick, API Midstream and Industry Operations Group Director said: “The United States leads the world in carbon reductions, thanks primarily to greater use of natural gas. Carbon emissions from power generation have plunged to nearly 30-year lows and more than 60% of those reductions from 2005 to 2016 have been the result of switching to generation from clean-burning natural gas.

“By moving forward with private investments in US natural gas and oil infrastructure we can ensure that the United States has the critical framework to sustain America’s energy leadership.”

API represents more than 625 members, including large integrated companies as well as exploration and production, refining, pipeline and marine businesses and service and supply firms.