The development of domestic oil and natural gas resources that have been placed off-limits by Congress for nearly three decades could produce more than $1.7 trillion in revenue for the federal government, create thousands of jobs and bolster the nation’s energy security, a study released by the American Petroleum Institute (API) said.

The ICF International study, commissioned by API, shows that developing the offshore areas that have been subject to a congressional moratorium until this fall, as well as the resources in Alaska’s Arctic National Wildlife Refuge (ANWR) and a small portion of the currently unavailable federal lands in the Rockies, would lift natural gas production by 5.34 Bcf/d by 2030 and would raise U.S. crude oil production by as much as 2.03 million b/d by 2030.

Of the projected 5.34 Bcf/d increase in gas output, the study sees 2.94 Bcf/d coming from restricted areas of the Outer Continental Shelf (OCS); 1.73 Bcf/d sourced from ANWR; and 677 MMcf/d coming from off-limit areas in the Rockies.

The additional natural gas output would be equivalent to 61% of expected gas imports in 2030, and the increased domestic oil production would offset nearly one-fifth of the nation’s oil imports by that time, the study said.

The API study further estimates that the development of all U.S. oil and natural gas resources on federal lands could exceed $4 trillion over the life of the resources. Projected revenues would range from $3.3 trillion to $4.4 trillion, assuming development of the entire OCS resource.

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