“The Institute for Energy Research welcomes today’s release of the Energy Information Administration’s 2014 Annual Energy Outlook Reference case. This important forecast of our nation’s energy markets reveals again that hydraulic fracturing and horizontal drilling technologies are primarily responsible for the boom in domestic oil and gas production that has increased our energy security and strengthened an otherwise anemic economic recovery.
“According to EIA’s analysis, coal continues to suffer the consequences of onerous regulatory activities and various federal and state programs that distort energy markets in favor of expensive renewables. As policymakers consider the long-term impacts of tax credits, mandates, and existing restrictions on federal oil and gas production, EIA’s valuable projections should inform a shift toward free energy markets, consumer choice, and the economic growth that our nation’s affordable energy resources can provide.
“In the end, the AEO 2014 reference case confirms what we have been saying all along—government interference in energy markets, whether in the form of subsidies, mandates, or regulatory bias, harms rather than helps American consumers while reducing tremendous revenue potential for the federal, state and local governments.”