Home > newsroom > Page
New Study Highlights Job Losses, Higher Energy Prices if Prohibition on American Energy Production Remains in Place


WASHINGTON, D.C., February 15, 2010 - Today, House Natural Resources Committee Ranking Member Doc Hastings (WA-04) released the following statement regarding the National Association of Regulatory Utility Commissioners (NARUC) study on the social and economic impacts of prohibiting American energy production on federal lands:

“Today’s report paints a startling picture of what the United States stands to lose if the Obama Administration and Democrats in Congress continue to block American energy production. Unless their policies change, Americans can look forward to a world with millions of fewer jobs, higher gas prices, higher electricity prices, and billions of American dollars being sent to hostile foreign countries. This report is further confirmation that an all-of-the-above energy plan, like the Republican American Energy Act, is needed to stabilize our economy, create jobs and ensure our national security. The stakes are too high for this Administration to continue sitting on its hand and stalling progress to produce new American energy.”

Background

According to the NARUC study, maintaining the current moratoria on both onshore and offshore energy production until 2030 will have the following projected impacts:

  • Employment in energy intensive industries will decrease by nearly 13 million jobs.
  • Annual average natural gas prices will increase by 17 percent.
  • Annual average electricity prices will increase by 5 percent.
  • Annual average motor gasoline prices will increase by 3 percent.
  • Gross Domestic Product will decrease cumulatively by $2.36 trillion.
  • Domestic crude oil production will decrease by 9.9 billion barrels – an average annual decrease of nearly 15 percent.
  • Domestic natural gas production will decrease by 46 Tcf – an average annual decrease of nearly 9 percent.
  • Imports from OPEC will increase 4.1 billion barrels, resulting in cumulative payments to OPEC of $607 billion.
  • Total net natural gas important will increase by nearly 15.7 Tcf – an average annual increase of almost 75 percent.
# # #

Print version of this document


Contact: Jill Strait (202) 226-2311

Latest News

Bishop: National Park Service Centennial Serves as an Opportunity to Address Management Challenges

House Committee on Natural Resources Chairman Rob Bishop (R-UT) issued the following statement commemorating the Centennial of the National Park Service: “Our national parks are a uniquely American co...... Read more

President’s Maine Monument Decree Subverts Representative Democracy to Advance Elite Special Interests

Today, President Obama, despite opposition by Maine’s local residents and elected officials, unilaterally created a national monument in Maine’s North Woods. House Committee on Natural Resources Chair...... Read more

Washington Examiner: Opinion: The Harsh Reality of Russia's Influence on Alaska's Offshore Exploration

Guy F. Caruso, U.S. Energy Information Administration's administrator from 2002-2008. Thanks to technological advancements, like Russia's creation of the world's largest icebreaker Arktika, oil and n...... Read more

View All News

Calendar

No upcoming scheduled events

View All Events