Date: Wednesday, September 7, 2011, 7:49am CDT

 

The U.S. could add 1 million jobs by 2018 and collect $36 billion in tax and royalty revenue over the next four years if it expands oil and gas production where drilling is now banned.

According to an analysis by Wood Mackenzie and commissioned by the American Petroleum Institute　 　 American Petroleum Institute , development of oil and gas resources in the U.S. and Canada could create 1.4 million jobs by 2030. Drilling in coastal waters could also produce an additional 1.27 million barrels of oil equivalent daily by 2015, the Houston Chronicle reports.

Several GOP candidates have touted expanded domestic energy development, and the U.S. Chamber of Commerce, a business lobby, included that in its proposal.

“With unemployment persistently high (and) with the focus on jobs, the oil and natural gas industry can make a significant contribution to job creation,” said API President Jack Gerard. “We’re hopeful the president will seize on some of this and will say you know what, this doesn’t take an economic stimulus, this is private sector stimulus and the oil and gas industry stands ready to go.”

Diane Delgado LeMaire |　Senior Managing Director, Accounting & Finance Recruiting | Creative Financial Staffing, a division of Fitts, Roberts CPA Firm | 5718 Westheimer Suite 800 | Houston, TX 77057 |713-260-5238 | dcd@fittsroberts.com