COLUMBUS, Ohio, Sept. 20, 2011 /PRNewswire-USNewswire/ -- Ohio's oil and gas industry association partnership comprised of the Ohio Petroleum Council (OPC), a division of the American Petroleum Institute (API), the Ohio Oil & Gas Association (OOGA), the Ohio Oil & Gas Energy Education Program (OOGEEP), and Energy-in-Depth Ohio (EID OHIO), a program of the Independent Petroleum Association of America and OOGA, along with JobsOhio today held a press conference on the promising potential economic impact of developing Ohio's abundant oil and natural gas resources.
During the event, OOGEEP presented data from the new Kleinhenz & Associates Economic Impact Study detailing how the oil and natural gas industry could create more than 200,000 new jobs.
"The data clearly demonstrates the transformative force oil and gas exploration and development could have on the state's economy," said Rhonda Reda, Executive Director, OOGEEP. "Ohio has been given great geological gifts and the economic potential is tremendous."
The announcement by OOGEEP supports results found in a national report recently released by API. The study, by Wood Mackenzie, shows how pro-development policies could allow America's oil and natural gas industry to create 1.4 million jobs and generate $800 billion in government revenue by 2030 while greatly increasing our energy production – on the order of 10 million barrels worth of energy per day more.
"State and federal policies that allow for the responsible development of Ohio's vast domestic oil and natural gas resources could make Ohio the starting point on the path to generating more than one million new American jobs in just seven years," said API's Chief Economist John Felmy.
Joining the oil and gas industry associations was David Mustine, General Manager for Energy for JobsOhio, the state's new private, nonprofit development corporation.
"JobsOhio stands ready to maximize the economic opportunities available to Ohio through responsible expanded oil and gas development," said Mr. Mustine.
The associations representing oil and natural gas companies with operations in Ohio planned the joint event at Ohio's Statehouse to announce their industry partnership in working to create more jobs in Ohio, contribute more government revenues, and increase U.S. energy security directly to policymakers.
"What is interesting about the Ohio Utica is that it's affording opportunity across the spectrum of the exploration and production industry, ranging from traditional small independent producers to large multi-state firms. In Ohio, the organizations that represent these companies include the Ohio Petroleum Council, the Ohio Oil & Gas Association, the Ohio Oil & Gas Energy Education Program and Energy in Depth- Ohio. We stand here today firmly united in a common message that this resource will be responsibly developed and doing so will benefit all Ohioans who are looking for economic opportunity and energy security," said Tom Stewart, Executive Vice President, OOGA, and Executive Director, EID-OHIO.
API represents more than 480 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
The Ohio Oil & Gas Association is a statewide trade association with over 1,500 members who are actively involved in the exploration, development and production of crude oil and natural gas within the State of Ohio. Since 1947, the Association's mission is to protect, promote, foster and advance the common interests of those engaged in all aspects of the Ohio crude oil and natural gas exploration and production industry.
The Ohio Oil & Gas Energy Education Program (OOGEEP) is a nonprofit organization responsible for public outreach on behalf of Ohio's natural gas and crude oil industry. The mission of OOGEEP is to facilitate educational, scholarship and safety programs and to promote public awareness about the industry and its positive impact on the economy. For more information, visit www.oogeep.org.
Energy In Depth is an industry communications and outreach program organized by more than 30 state and regional trade association and managed by the Independent Petroleum Association of America. Energy In Depth provides rapid, accurate information and separates fact from fiction about our nation's natural gas and oil industry – especially on emerging policy issues.
SOURCE American Petroleum Institute