House Natural Resources Public Lands and Environmental Regulation Subcommittee Chairman Rob Bishop (UT-01) issued the following statement in reaction to a report issued today by the Institute for Energy Research (IER) on "The Additional Economic Effects of Immediately Opening Federal Lands to Oil and Gas Leasing." The report, based on the findings of a study conducted by Dr. Joseph Mason, projects the impact on revenue, job creation, and overall GDP growth from increased energy production on federal lands. Today, Bishop also joined with fellow members of the Congressional Western Caucus, Congressman Stevan Pearce (NM-02), and Congresswoman Cynthia Lummis (WY-at large) to encourage Chairman of the House Budget Committee Paul Ryan (WI-01) to consider IER's study and the economic benefits of energy production on public lands and waters when drafting the FY 2014 budget [letter].
"As the report illustrates, there are beneficial and responsible ways to grow revenues and jobs in this country without taxing hard-working Americans. Some view tax increases as the panacea to our nation's budgetary problems. I disagree with this notion and this study proves that there are alternative solutions. I noted in a recent letter to Speaker of the House John Boehner that increased energy production on our nation's public lands is a healthy way to bolster revenues, create jobs, and provide greater energy security. The report released today by IER confirms that utilization of the abundant resources on our public lands would be a boon for our country," said Bishop. "I appreciate the work IER and Dr. Mason did to clearly illustrate the overwhelming benefits of responsible energy production on public lands. It is increasingly frustrating to know that our country could be far better off if the President would stop placating his special interest group allies and put the interests of this country first."
Key findings from the report:
Annual increase in GDP for the next seven years: $127
Increase in annual GDP for the next thirty years: $450 billion
Cumulative 37-year increase in GDP: $14.4 trillion
The federal government stands to receive $2.7 trillion more in tax revenues over the next 37 years, while state and local tax revenues equal $1.1 trillion in the same time period
Job creation over the next seven years: 552,000
Annual job creation for the next thirty years: nearly 2 million
Job gains would be felt in high-wage, high-skill employment like health care, education, professional fields, and the arts.
Annual wage increases over the next seven years: $32 billion
Cumulative wage increase over a 37 year cycle: $3.7 trillion