New Study: Producing Off-Limits Energy Would Generate $1.7 Trillion Stimulus and 160,000 New Jobs
ShareThisDecember 8, 2008· 4 Comments
FOR IMMEDIATE RELEASE
December 8, 2008
CONTACT:
Brian Kennedy (202) 346-8826
Chris Tucker (202) 346-8825
New Study Quantifies Economic Stimulus of
Conventional Energy Production
Findings call into question the veracity of ‘green jobs’ proposals
Washington, DC – A study conducted by ICF International and released today by the American Petroleum Institute (API) finds that responsibly developing America’s abundant but currently off-limits domestic energy supply would create 160,000 new jobs alone, generating $1.7 trillion for local, state and federal tax revenue, and providing a major shot in the arm to a flagging national economy. Institute for Energy Research (IER) senior vice president Daniel Kish issued the following statement:
“The trouble with haphazard, ham-handed efforts to shoehorn our industrial economy into a green utopia is that it costs taxpayers billions of dollars and generates a small fraction of the proven power of conventional resources. On the contrary, as the ICF study illustrates, developing America’s oil and gas resources creates jobs, stimulates the economy, and actually generates massive revenues for the taxpayer all at once. It’s just that simple.”
“Paying more to get less is a fool’s errand on any occasion, but it’s downright dangerous when the United States is suffering through the biggest economic recession in recent history. Given the competition we face from developing countries like China and India, mandating and subsidizing the use of inefficient energy sources in America is like entering a tractor with a five-gallon fuel tank in a NASCAR race. You’re going to lose, you’re guaranteed to be embarrassed, and you’re probably going to create a catastrophe in the process.”
The ICF International study also concludes that development of all U.S. oil and natural gas resources on federal lands could exceed $4 trillion over the life of the resources.
More from IER on energy as an economic stimulus:
- A Massive Economic Stimulus in the Making
- IER Letter to President-elect Obama: Americans Say No to New Energy Bans
- IER to Congress: Stimulating U.S. Energy Creates Jobs and Fills Government Coffers
- Strong Oil Earnings Good for Economy
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.
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February 11th, 2009 at 12:50 pm
Sounds good to me. But I guess you can’t expect the democrats to grasp anything
that reasonable.
Ed Rains
February 11th, 2009 at 5:35 pm
The CSX Railroad commrical that shows eveyone pullin freight with bicycles is what the Democrats must want for every one but therself, that way we can pay taxes that somehow they are able lto avoid.
Lon
February 12th, 2009 at 8:55 am
Because of what dispicable charlatans in Congress, the Executive, & the Judicial branches of government are doing TO us (not FOR us!),I’ve found myself drawn farther into political activism. Learning through online sources caused me to receive dozens of new e-mails, some of which are just so full of common sense, I have to put up with the extra demands on my time to read them to be a better-informed citizen. I also send them to like-minded contacts, to spread the word. I strongly feel, because ALMOST NO ONE IN GOVERNMENT WILL LISTEN, although they supposedly work for us, we need a grass roots quadrupling of efforts & unification behind conservative values & common sense. Although I dread politics will be a voracious consumer of my time, I feel we, who WORK hard every day to make the U.S. a better place, must sacrifice to oust the greedy powermongers in Congress, BOTH PARTIES. People who have basically raped the system have no shame, like Congress members Murtha, Dodd, Frank, Pelosi, & Reid. The comments of some of them would have had them shot in WWII, as traitors, for encouraging the enemies. And I hope the people duped by Obama’s rhetoric have enough sense to see the writing on the wall, but it’s doubtful, since his party actively seeks the uninformed and the dissidents, and Promotes SCOFFLAWS to cabinet positions. I AM DISGUSTED & ANGRY about the slow but insideous erosion to Socialism,away from our founders’ principles, but FEARFUL for the very future of our nation, now that the erosion has turned into a rampaging flood. God help us to be inspired to work to TURN THIS DEBACLE AROUND.
July 26th, 2009 at 10:19 am
I just received this in an e-mail, and thought it should be shared.
OIL (not a joke)
The U. S. Geological Service issued a report in April (‘08) that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn’t been updated since ‘95) on how much oil was in this area of the western 2/3 of North Dakota ; western South Dakota ; and extreme eastern Montana ….. check THIS out:
The Bakken is the largest domestic oil discovery since Alaska ’s Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.
‘When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.’ says Terry Johnson, the Montana Legislature’s financial analyst.
‘This sizable find is now the highest-producing onshore oil field found in the past 56 years’ reports, The Pittsburgh Post Gazette. It’s a formation known as the Williston Basin , but is more commonly referred to as the ‘Bakken.’ And it stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the ‘Big Oil’ companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves…. and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That’s enough crude to fully fuel the American economy for 2041 years straight.
2. And if THAT didn’t throw you on the floor, then this next one should – because it’s from TWO YEARS AGO!
U. S. Oil Discovery- Largest Reserve in the World!
Stansberry Report Online – 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this mother lode of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it’s all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy…..WHY?
James Bartis, lead researcher with the study says we’ve got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That’s more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don’t think ‘OPEC’ will drop its price – even with this find? Think again! It’s all about the competitive marketplace, – it has to. Think OPEC just might be funding the environmentalists?
Got your attention/ire up yet? Hope so! Now, while you’re thinking about it …. and hopefully P.O’d, do this:
3. Pass this along. If you don’t take a little time to do this, then you should stifle yourself the next time you want to complain about gas prices— because by doing NOTHING, you’ve forfeited your right to complain.
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Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.
By the way…this is all true. Check it out at the link below!!!
GOOGLE it or follow this link.. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp?ID=1911