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New Study Shows Wide Ranging Affect of High Energy Costs

WASHINGTON, D.C., June 28, 2011 - The Consumer Energy Alliance (CEA) released a report today outlining the wide-ranging affect restricted energy development and high energy costs are having on several sectors of the U.S. Economy.  The report also cites energy proposals and policies that would result in more American energy production and increased job creation.

Every industry, from agriculture to manufacturing to transportation, depends on affordable and abundant energy to continue operating and providing services to their customers. Without a reliable and stable source of domestic energy, American companies will continue to have higher operating costs which kill American jobs, hamper economic development, and increase our dependence on foreign sources of energy. Below are just a few highlights from the report:

  • High fuel costs will force the trucking industry to spend $37 billion more on fuel this year than in 2010.
  • A 1 cent increase in the price of a gallon of jet fuel costs U.S. Airlines $175 million. From late 2010 – April 2011, the prices of jet fuel rose 84 cents per gallon.                 
  • The American Public Power Association cites a study that predicts four proposed EPA regulations could result in the closure of 40 to 76 gigawatts of generating capacity by 2018.
  • Increased domestic shale gas production could generate 17,000 new manufacturing jobs in the U.S. chemical industry.
  • Removing barriers to offshore energy exploration could reduce our energy imports by more than one-third.

These are just a few of the many examples cited in the report. American families and businesses across the country are hurting because of the energy polices set forth by the Obama Administration. Under the American Energy Initiative, House Republicans will continue to pursue an all-of-the-above energy approach in order to increase American energy production, lower prices, create jobs, and decrease our dependence on foreign energy.

Contact: Jamie Hennigan

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