Distinguished Senior Fellow at IER Mary Hutzler testifies before the House Energy & Commerce committee and reveals new data from the study "Beyond the CBO: The Additional Economic Effects of Immediately Opening Federal Lands to Oil and Gas Leasing."
Here are some quick facts from the study that show the potential economic impact from increased energy development on federal land:
GDP increase:
$127 billion annually for the next seven years.
$450 billion annually in the next thirty years.
$14.4 trillion cumulative increase in economic activity over the next thirty-seven years.
Jobs increase:
552,000 jobs annually over the next seven years.
Almost 2 million jobs annually over the next thirty years.
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.
