CEA Report: America Needs More Domestic Energy Supplies
New Findings Detail How Consumers, Businesses Are Suffering Due to Governmental Restrictions on Energy Development
WASHINGTON, DC – The lack of a national energy policy has severe consequences for the American economy now and in the future, and a new report shows exactly how high energy costs are harming consumers by holding back job creation and new economic activity.
The report, entitled “Energy, Jobs & the Economy: Powering America’s Future,” and released today by Consumer Energy Alliance (CEA), finds that blockages of American energy development could cost the U.S. economy more than 500,000 jobs, and rising energy prices will cost the transportation sector $51 billion more in 2011 as compared to just one year ago. Other industries, from agriculture to manufacturing, will also continue to suffer from higher operating costs in the absence of additional domestic energy production.
Most importantly, the report shows how many of these costs will ultimately be passed along to consumers in the form of higher prices for everyday goods and services. CEA unveiled the findings of the new report during a media call this morning.
In conjunction with the release of today’s report, American Public Power Association (APPA) President and CEO Mark Crisson issued the following statement:
“APPA is concerned that the convergence of air and water regulations coming down from EPA affecting the electric utility sector will set in motion a chain of events that will lead to high electricity prices, plant closures, and job losses at a time when the economy is hurting. Congress needs to take a look at these potential impacts and help formulate realistic compliance timelines.”
Regarding the connection between energy production and economic growth, American Chemistry Council (ACC) President and CEO Cal Dooley also issued this statement:
“Shale gas is a ‘game changer’ for the domestic chemistry industry, offering tremendous potential to create jobs and grow US investment and exports. It can help revitalize American manufacturing and drive economic recovery. But it will only happen with comprehensive, common-sense energy policies.”
CEA president David Holt furthered the call for a balanced energy policy and released this statement:
“Today’s report shows clearly what our elected officials have consistently failed to understand: Increased energy production can protect consumers from high energy prices and help get America back to work. For example, approving permits to explore and produce in the Chukchi and Beaufort Seas in Alaska, issuing the Presidential Permit necessary to build the Keystone XL pipeline, and returning the Gulf of Mexico to its pre-Macondo production levels would, combined, increase domestic energy supplies by 2.2 million barrels of oil per day. This additional production would lower energy prices as well as create more than 114,000 high-paying American jobs.
“Unfortunately, current federal policies are largely designed to restrict instead of encourage domestic production, which translates directly to fewer jobs and less economic growth. If we want more manageable energy prices and a more robust economy, then our elected leaders must make a serious commitment to developing more American energy.”
The report can be downloaded on CEA’s website: https://consumerenergyalliance.org/cms/2011/06/powering-americas-future/