Energy Institute: Energy-production ban on federal land would damage economy

The Energy Institute recently launched its Energy Accountability Series with a report indicating that preventing oil, gas and coal production on federal land and waters would eliminate jobs and hinder economic growth.

 

“American voters deserve to understand the real-world impacts of the proposals that candidates and their allies make," Karen Harbert, president and CEO of the U.S. Chamber of Commerce's Institute for 21st Century Energy, said. “In an effort to appeal to the ‘keep it in the ground’ movement, a number of prominent politicians have proposed ending energy production on federal lands, onshore and off. Their proposals will have a direct, harmful effect on the American economy, and in particular decimate several states that rely heavily on revenues from federal land production. Given the implications, these policy proposals should not be taken lightly.”

The report said the U.S. could lose $11.3 billion in annual royalties and $70 billion in annual gross domestic product. Policies to prevent production on federal lands and waters would also cost 380,000 jobs, the report said.

 

“Since 2010, the share of energy production on federal lands has dipped because of increasing regulatory hurdles from the Obama administration,” Harbert said. “Nevertheless, production on federal lands and waters still accounts for a quarter of all oil, natural gas and coal produced. If that were to end, it would hit Western and Gulf Coast states particularly hard, and could result in production moving overseas, which would harm our national security and impact prices.”