Oil industry offers jobs

The American Petroleum Institute said Tuesday that up to 530,000 jobs could be created in the U.S. by 2025 if the U.S. opens up drilling access to the eastern Gulf of Mexico, portions of the Rocky Mountains, the Arctic Wildlife Refuge and the Atlantic and Pacific Outer Continental Shelf. The industry group said drilling in these areas could also deliver $150 billion more in tax, royalty and other income, and boost domestic production by four million barrels of oil equivalent a day. The estimates were included in a Wood Mackenzie study for the API. The API also said raising taxes on energy companies with no increase in drilling access could reduce domestic production by 700,000 barrels a day by 2020 and sacrifice as many as 170,000 jobs by 2014.

Contributor: MarketWatch

Industry: Job Market News