Domestic Energy Production

Statement

A study released on Tuesday confirmed what you and I already know: domestic energy production means more American jobs, more economic growth, and more national security. In this particular study, global research firm IHS examined the process for recovering new energy resources through hydraulic fracturing, or "fracking." This relatively new technology has allowed us to recover unconventional oil and gas that was thought to be unrecoverable only a few years ago. It will have already led to 1.7 million jobs and $62 billion in new revenue by the end of this year and has the potential to lead to 3.5 million jobs and $2.5 trillion in revenue over the next two decades. Despite the fact that states already regulate this process to great effect and the Environmental Protection Agency (EPA) itself has admitted there are no proven cases that back up their environmental concerns, the Obama Administration has made clear its intention to preempt state efforts with a new one size fits all regulation that could smother future production and implement a de facto moratorium on new drilling on federal land. If the Administration is successful, this promising technology could be essentially shut down and we will have squandered yet another chance to grow our economy and move closer to true energy independence.

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