March 27, 2009
Laura Henderson (202) 621-2951

IER: Stop Ignoring Obvious Solution to Economic Woes

With trillion of dollars in resources lying in America’s offshore reserves, experts urge increased access

– Just days before the Department of Interior begins public hearings on expanding America’s offshore energy access, the Wall Street Journal reports that the U.S. economy experienced its largest decline in 26 years at the end of 2008. IER President Thomas J. Pyle released the following statement on this disturbing economic news:

“A majority of Americans understand that developing our domestic energy resources will ease our economy’s continued free-fall,” said Pyle. “We simply can’t afford to squander our valuable natural resources while families struggle to pay their bills.

“Expanding access to our vast offshore oil and gas reserves would allow American companies to create and support over a million new jobs, generate $70 billion in additional wages each year, and put trillions of much-needed dollars back into the Federal Treasury. In fact, the oil and gas industry is one of the only U.S. industries in a position to bail out the government, rather than ask for one.

“With such clear benefits, and such strong public support for increased access, there is simply no reason for our lawmakers to close the door on this no-cost stimulus.”

NOTE: The U.S. economy has shed 4.4 million jobs since the recession started, with nearly half of those losses coming in the last three months alone. Forecasts suggest that the jobless rate will continue to climb in the months ahead as well.

More from IER on access to domestic energy:

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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