In 2013, the U.S. became the world’s top producer of petroleum and natural gas, surpassing Russia and Saudi Arabia. In 2013, U.S. domestic oil production increased to reach its highest level in 24 years, rising more than the combined increases in the rest of the world.
Updating U.S. infrastructure could generate an estimated $1.14 trillion in capital investments, creating both jobs and energy savings from 2014 to 2025. Capital spending in the infrastructure that moves and transforms oil and gas into everyday products, including gasoline and home heating oil, has increased by 60 percent between 2010 and 2013.
Read More: 2013 Report Card for America's Infrastructure
Investments in building, maintaining and updating the oil and natural gas industry’s transportation and storage infrastructure could contribute up to $120 billion to the economy per year.
Investment in the infrastructure that moves and transforms oil and gas into everyday products could support as many as 1.15 million jobs on an average annual basis, including 830,771 jobs resulting from pipeline investment. Increased capital investment will also lead to more revenue and output among supplier industries, such as steel, machinery and engineering services. This capital investment in turn triggers an estimated $45 billion per year throughout the extended supply chain.
Investment in the infrastructure that moves and transforms oil and gas into everyday products could generate up to $27.5 billion in average annual revenue to the government.
Read More: Energy Infrastructure Brochure