For Immediate Release:
Thursday, October 23, 2008
Energy Think Tank Endorses Offshore Drilling as a Cost-Effective Strategy for Boosting U.S. Economy
WASHINGTON – Today, the Institute for Energy Research (IER) — a DC-based energy think tank that evaluates public policies in the energy markets — endorsed expediting offshore drilling as the sole economic stimulus option that wouldn’t impose additional costs on taxpayers. Other circulating stimulus packages, like the $150 billion plan sought by Speaker Pelosi in the House, would do just that, adding to the heavy financial burden already weighing on American consumers.
“Americans want a solution, not another billion-dollar bill,” announced IER president Thomas J. Pyle. “By speeding up the process for granting leases to drill in previously restricted areas off our coasts, Congress would not only address rising unemployment, shrinking pensions, and declining tax revenue; they’d fix it free of charge.”
“Evaluating the costs of Congress’ plans is especially important to households that no longer have a paycheck,” Pyle continued, “With the nation’s unemployment rate at 6.1 percent and likely to continue rising, job loss is rapidly becoming a reality for more and more American families. Increasing exploration and production of our country’s energy resources would provide both immediate and long-term employment opportunities.”
Pyle concluded, “Boiled down, the difference between offshore drilling and other stimulus plans is the difference between giving consumers a break at the pump and simply breaking the bank.”
To speak with IER’s experts or find out more, please contact Trice Whitefield at [email protected] or (703) 516-2173
The Institute for Energy Research (IER) conducts historical research and evaluates public policies in the oil, gas, coal, and electricity markets. Founded in 1989 from a predecessor non-profit organization, IER is a public foundation under Section 501(c)(3) of the Internal Revenue Code. IER articulates free-market positions that respect private property rights and promote efficient outcomes for energy consumers and producers.