Last night, President Barack Obama and Governor Mitt Romney engaged in a spirited debate about U.S. energy policy. Because the Institute for Energy Research affirms the critical role that America’s energy plays in our economic recovery, we believe that this national conversation demands careful attention to the facts and an honest appraisal of the record. IER has analyzed the responses to energy questions posed to both candidates during last evening’s town hall in Hempstead, NY, and produced a Presidential Debate Fact Check that exposes the errors and clarifies the truths that were offered by Gov. Romney and President Obama. Some highlights:
- Total federal oil production (both onshore and offshore) declined by 13 percent between FY2010 and FY2011, while oil production on non-federal lands increased 11 percent.
- Natural gas production fell by 16 percent between FY2008 and 2011, despite the fact that natural gas production is the highest it has been since 1949.
- Coal production dropped 6.5 percent between 2008 and 2011. For the first 8 months of this year, coal production is almost 5 percent lower than the first 8 months of last year.
- Job losses associated with the closure of EPA-targeted coal units could amount to more than 50,000 direct jobs and more than 250,000 indirect jobs.
- The Obama administration’s increased fuel efficiency standards are estimated to increase the average cost of a vehicle by $3,000 and cut 7 million car buyers out of the new vehicle market.
To read the full document, click here.