Doug Lamborn (CO-05), Chairman of the House Natural Resources Subcommittee on Energy and Mineral Resources, released the following statement after reviewing Dr. Joseph R. Mason's report on the "Economic Effects of Immediately Opening Federal Lands to Oil and Gas Leasing: A Response to the Congressional Budget Office." The report projects significant growth in jobs and economic activity--$14.4 trillion GDP increase, almost 2 million jobs created, and $2.7 trillion in federal tax revenues--that would result from increased energy production on federal lands.
"I intend to continue to push an aggressive legislative agenda in this Congress to open up America's vast energy resources on our federal lands. This report should be required reading at the Obama White House. According to the study, if the Obama administration were to simply open up federal lands currently closed to energy production, it would jump start the economy.
"This economy could use the boost. Millions of American families are barely making it each month as they struggle with high taxes, high gasoline prices, and high unemployment. We can do better, and boosting domestic energy is a great place to get started."-- Doug Lamborn (CO-05)
According to the report, if federal lands "that are statutorily or as a matter of administration policy prohibited from leasing," immediately opened, the results would be:
$127 billion annually for the next seven years.
$450 billion annually in the long-run.
$14.4 trillion cumulative increase in economic activity over the next thirty years.
552,000 jobs annually over the next seven years.
Almost 2 million jobs annually over the next thirty years.
$32 billion increase in annual wages over the next seven years.
$115 billion annually between seven and thirty years.
$3.7 trillion cumulative increase over thirty-seven years.
Increase in tax revenue:
$2.7 trillion increase in federal tax revenues over thirty-seven years.
$1.1 trillion in state and local tax revenues over thirty-seven years.
$24 billion annual federal tax revenue over the next seven years, $86 billion per year thereafter.
$10.3 billion annual state and local tax revenue over the next seven years, $35.5 billion annually thereafter.