An energy institute supported by the U.S. Chamber of Commerce recently released a report evaluating the potential impact of inadequate pipeline infrastructure in the nation’s Northeast.
The chamber's Institute for 21st Century Energy report said if continued investment in pipelines is abandoned, the nation would realize losses of $7.6 billion in gross domestic product plus more than 78,000 jobs by 2020, the chamber said in a release. The institute publishes its Energy Accountability Series to examine and assess potential scenarios for the nation’s infrastructure based on actions proposed by political candidates and interest groups.
Government statistics from the U.S. Energy Information Administration (EIA) revealed that six New England states as well as New York and New Jersey rank among the nation’s top 11 highest electricity rates. Energy Institute President and CEO Karen Harbert highlighted the evidence, citing the region’s disproportionately high electricity bills.
“Environmental groups seeking to ‘keep it in the ground’ are fighting to block virtually every project that would bring additional natural gas into in the Northeast,” Harbert said in the release. “As a result, residents in the Northeast are paying the highest electricity rates in the continental United States, with no relief in sight if infrastructure is not built.”
The institute’s findings illustrated potential outcomes for the next several years, taking into account current pipeline plans.
“High energy prices are costing the region jobs and income,” Harbert said in the release.
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