Costs of a Delayed Energy Policy

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.

Comments

Related

Blog Posts

Made in America: Increase Access for Secure Energy Futu...

American-made energy. With the Energy Information Administration projecting that the United States will need more than 16 percent a...

Blog Posts

In an Election Year, Time to Talk Energy

Just a thought, but how great would it be if one of this fall’s presidential debates focused solely on energy issues? Past presid...

Blog Posts

Unused Leases? You’ve Got to be Joking!

The warmed-over claim that oil and natural gas companies aren’t using large numbers of leases on public lands is like a Mark Twain...

Blog Posts

Watch Live: Energy in an Election Year

.blog #main .post-body .video-wrapper { width:500px; height:418px; padding:0; overflow:visible; margin:0 auto 18px; } ....

Blog Posts

Hansen’s Oil Sands Facts are Lost in Space

To hear it from environmental activist James Hansen, development of the oil sands in Canada will usher in the apocalypse, “game ove...

Blog Posts

Job Creation To-Do List? Here’s Ours

Here’s the president talking about job creation Tuesday in Albany, N.Y.: “Now, we know the true engine of job creation in this...

Blog Posts

To the President’s Ear: Build the Keystone XL

In an interview with Fox Business Channel this week, billionaire Warren Buffett voiced support for construction of the Keystone XL...

Blog Posts

The Demand for Energy and Steel

There’s a good story going on in Lorain, Ohio, a steel town that has seen ups and downs. Thanks to the surge in production of energ...

Blog Posts

Facts, Not Excuses, Should Guide Decision on Re-Routed...

It’s good to hear that TransCanada has submitted its new application for a presidential permit to build the Keystone XL pipeline. T...

Blog Posts

All For Efficiency

A recent post on the White House Blog updates the administration’s effort to see federal agencies make at least $2 billion in energ...

Blog Posts

Washington Post: Keystone XL Rejection Has ‘Little Ra...

More on the Keystone XL pipeline. The Washington Post editorializes: “President Obama’s refusal so far to authorize Keystone X...

Blog Posts

Ohio Summit: Talking Energy, Jobs

Editor’s note, 5/3: The event has concluded; see below for the archived videos. There’s not a better venue for a high-level discu...

Blog Posts

Keystone XL: Put Workers to Work, Mr. President

Key points made by the president during Monday’s speech at a conference of the AFL-CIO’s Building and Construction Trades Departmen...

Blog Posts

Hey, Jay Carney, You Forgot Something!

POLITICO Pro Energy reports that while talking to reporters about crucifixion comments by EPA’s Region 6 administrator, White House...

Blog Posts

‘If I Wanted America to Fail …’

Here’s an abbreviated version of a video by Free Market America on administration policies that the group says are undermining dome...

Stay Connected