Energy Policy at a Crossroads: An Assessment of the Impacts of Increased Access versus Higher Taxes on U.S. Oil and Natural Gas Production, Government Revenue, and Employment
API has requested Wood Mackenzie to undertake a study which examines the implications of increasing exploration and development access in 5 key US regions currently closed to development. The 5 key regions are the Eastern Gulf of Mexico, portions of the Rocky Mountains, ANWR, and the Atlantic and Pacific Outer Continental Shelf (OCS). Additionally, Wood Mackenzie has contrasted this ‘Access’study with an analysis of the potential threat to production andjobs associated with increasing taxation on the oil and gas industry at a rate of $5 billion per year, which was less than the amount that was considered by the US Congress and Administration in 2010. The taxes were applied on both an income and production basis so as to capture the impacts of the slate of proposed taxes put forward by the Administration in 2010.