While Washington dithers on energy policy, the economy and consumers pay the price - more than 500,000 potential jobs by 2025 and an additional $51 billion in increased energy costs to the transportation sector over the last year alone.
That's the crux of a new report by the Consumer Energy Alliance (CEA), a nonpartisan collection of more than 160 energy consumer and producer groups and consumer advocacy organizations, and the National Ocean Industries Association (NOIA), an industry trade group. The report points a finger at government:
"Onerous regulations, endless layers of red tape, restricted access to critical supplies of domestic energy and a lack of direction from government are only a few of the many examples of artificial barriers that paralyze business and make it difficult for America to grow and prosper."
CEA and NOIA call for a broad-based energy policy that also will lead economic growth:
"While there is no silver bullet for America's economic woes, it is clear that we must embrace pro-growth policies powered by affordable domestic energy sources including wind, solar, oil, natural gas, biofuels and nuclear. A national energy policy that rightfully encourages the responsible production of every form of domestic energy is a win for America. After all there is no quicker path to economic resurgence than through proper development of our abundant natural resources and the economic growth they create. ... A smart, balanced energy policy has the ability to jumpstart economic growth and ensure that every sector of the American economy has access to affordable, reliable energy."
Other highlights:
- Since 2000, when energy prices began to climb, the U.S. has lost more than 5.5 million high-wage manufacturing jobs.
- Oil and natural gas companies paid $1 trillion in total income taxes from 1980 through 2008 and more than $178 billion to the government in rent, royalty and bonus payments from 1982 through 2009. On average, the industry sends more than $86 million to the U.S. Treasury each day.
- Potential EPA regulations on electrical utilities could result in the closure of 40 to 76 gigawatts of generating capacity across the country by 2018.
- NOIA says U.S. offshore energy potential is estimated at 44 billion barrels of oil and 183.2 trillion cubic feet of natural gas - enough to reduce imports by a third.
The CEA/NOIA study underscores the point the oil and natural gas industry has been making, that access to domestic energy sources is a key to economic growth, job creation, America's energy security, Americans' retirement security and revenue to all levels of government.













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