ICYMI: In a speech today at the Williston Basin Petroleum Conference, Republican presidential candidate Donald Trump cited an Institute for Energy Research study titled,“The Economic Effects of Immediately Opening Federal Lands to Oil, Gas, and Coal Leasing.”
The study, authored by Dr. Joseph Mason of Louisiana State University, assesses the economic benefits of expanding development of oil, gas, and coal resources on federal lands. This includes the potential revenue impacts, job creation, overall GDP growth, and additions in overall economic activity.
In his remarks, Trump noted that opening up federal lands for energy production would:
- Increase the GDP by $663 billion annually in the next thirty years
- Increase annual wages by $32 billion over the next seven years
- Increase economic activity by $20.7 trillion over the next thirty-seven years
- Generate $3.9 trillion in federal tax revenues over thirty-seven years
- Generate $1.9 trillion in state and local tax revenues over thirty-seven years