Right Energy Policies Promise More Jobs, Robust Economy

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Pro-development energy policies could add 2.3 million U.S. jobs and add $443 billion a year to the U.S. economy by 2035, according to a study by Wood Mackenzie, “A Comparison of U.S. Oil and Natural Gas Policies—Pro Development vs. Proposed Regulatory Constraints,” released by the American Petroleum Institute (API). Conversely, the study found that a path of regulatory constraints proposed by the Obama administration could lead to 830,000 lost jobs and lead to a decrease of $133 billion a year in the U.S. economy.

“The study contrasts the tremendous difference between the benefits from pro-energy policies and the negative effects of policy decisions that are anti-energy,” said API president and CEO Jack Gerard. “Energy is fundamental to our society, and thanks to American innovation and entrepreneurial spirit, our nation stands among the world’s leaders in energy production. America will remain a global energy leader only if we get our nation’s energy policy right today.”

Pro-development policies could increase cumulative local, state, and federal government revenue by more than $1 trillion and lower average annual household energy expenses by $360 by 2035, according to the study. A path of regulatory constraints would lead to a cumulative decrease of $500 billion in government revenue from 2016 to 2035 and an increase of $242 in average annual household energy costs.

Some of the pro-development policies examined in the study include increased access to energy resources offshore; a more efficient permitting process onshore; quicker approval of energy infrastructure projects; and lifting the decades-old ban on crude oil exports. Some of the regulatory constraining policies include the proposed ozone rule from the Environmental Protection Agency (EPA); the federal hydraulic fracturing rule promulgated by the Bureau of Land Management; the proposed rule on tank car safety by the Pipeline and Hazardous Materials Safety Administration; the blowout preventer rule from the Bureau of Safety and Environmental Enforcement; new rules that regulate refinery emissions from EPA; and the renewable fuel standard.

“Looking ahead to the 2016 elections, API will be encouraging a comprehensive conversation about our energy future by engaging voters and policymakers through our Vote4Energy education and advocacy effort,” Gerard said. “In exactly 72 weeks Americans will cast their vote to decide who will represent them at all levels of government. The electoral decisions we collectively make in 2016 will be fundamental to the trajectory of our nation’s energy, economic, and national security future. Future generations are looking to us to get our nation’s energy policy right, and are counting on us to leave them a country that is second to none in energy production, security, and economic prosperity.”

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