Oklahoma could gain nearly 4,500 jobs in 2020 if the U.S. reverses its ban on oil exports, according to a study released Thursday. Exports also would inject more than $500 million into the state’s economy.
The study by ICF International and EnSys Energy indicates additional exports could help increase energy supplies, put downward pressure on gasoline prices at the pump and bring more jobs to the United States.
It was commissioned by the American Petroleum Institute, which favors crude oil exports.
“The U.S. is poised to become the world’s largest oil producer, and the study shows that access to foreign customers will create economic opportunities across the country,” said Kyle Isakower, the institute’s vice president for regulatory and economic policy. “When it comes to crude oil, the rewards of free trade are not limited to energy-producing states.”
The study found that oil exports could bring 300,000 jobs to the U.S. economy in 2020, when new drilling is expected to plateau, while saving consumers nearly $6 billion a year on average between 2015 and 2035.
Eighteen states would gain more than 5,000 new jobs, according to the study, with Oklahoma falling just short of that threshold.
“Across the nation, we see that lifting crude export restrictions would yield overwhelmingly positive results,” Isakower said. “There is a growing realization that this is a new era for American energy.