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Creating 1 Million Jobs by Oil And Gas Exploration

Studies revealed that millions of Americans will get wonderful opportunities to work with oil and gas industry for the next seven years. This will show around $800 reduction in the national debt by 2030. The Scotland-based consulting firm Woods Mackenzie compiled the report that was financed by the American Petroleum Institute, a day before the President Obama demonstrates his long awaited job proposal in front of a joint session of Congress.

The proposal undermines an infrastructure bank, an extension of the payroll tax holiday, oil and gas companies. This will boost hope for job-seekers especially those who are determined to work in forthcoming months. While speaking at an Energy Jobs Summit API President Jack Gerard said that the President Obama believes the industry will show a wide prospectus as well advantageous. Mr. Gerard pointed out that the President Obama can do lots of things without waiting for energy legislation. He said that the president can look after matters such as an expansion of offshore drilling in the Gulf of Mexico, opening up drilling in the Arctic National Wildlife Refuge (ANWR), allowing companies to tap reserves in some sections of the Rocky Mountains and embracing the vast natural gas deposits in the Marcellus Shale that stretches from upstate New York as far south as Kentucky. It also comprises trillions of cubic feet of natural gas.

“Supporting a $7 billion the keystone XL pipeline project that will carry crude oil from Canada to states as far south as Texas,” Mr. Gerard said. The industry will get ample benefits if it will follow API plan. According to the estimates, more than 1 million jobs in oil would be created by 2018 and it will exceed 1.4 million by 2030. Studies say that at least $36 billion tax revenue will add up into the treasury by 2015 and around $803 billion by 2030. The report shows that the domestic oil production will jump 35.4 billion barrels of oil by 2030. Hence, it would be a giant step by the United States and the energy security. If such target will be achievable, then all of America’s liquid fuels will come from secure North American sources within 15 years.

The liberation in ozone regulations by the President Obama will give freedom in places such as ANWR that is held untouchable by environmentalists. This will offer a wide prospective to investors who are looking for investment in oil.

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