New Report Demonstrates Affordable, Reliable Energy Key to Alabamians Reeling from the Economic Downturn
MONTGOMERY, AL — Thanks to increased production of abundant, affordable natural gas, Alabama families and businesses saved more than $15.3 billion between 2008 and 2018 because of lower prices, according to a new report released by Consumer Energy Alliance (CEA) that demonstrates the urgent need for greater Gulf Coast energy access during our economic recovery.
Households saved over $1.5 billion – or $317 per resident – and Alabama industries, including automotive assembly plants and metals manufacturing facilities, saved more than $12.5 billion, according to CEA’s Energy Savings Report. On top of bringing economic relief to Alabama’s families, these savings are helping to keep the state’s industries competitive during a time of economic uncertainty caused by COVID-19.
“This report demonstrates how Alabama’s families, farmers, manufacturers and small businesses benefit from an energy strategy that includes expanded exploration and production access in the Gulf,” CEA Gulf Coast Director Kaitlin Schmidtke said. “Now more than ever as Alabama recovers from COVID-19, energy has the ability to keep contributing to a lower cost of living and generate savings for Alabama’s families, farmers and small businesses.”
“CEA commends Gov. Kay Ivey for exhibiting great leadership on energy policies and working together to advance offshore energy in the Gulf of Mexico to benefit our state, citizens and nation. Offshore energy development, carried out with a continuing commitment to environmental stewardship and stringent safety measures that protect our coasts, is an essential part of America’s economy.”
Last year, offshore Gulf exploration and production supported 28,000 jobs in Alabama, and the overall energy industry created more than 124,000 jobs and more than $13.2 billion in economic impact, according to a recent analysis.
“In an uncertain time when our neighbors and communities are facing economic hardship and more than 283,000 Alabamians are unemployed, let’s remember the critical role Gulf energy plays in our lives,” Schmidtke said. “Gulf exploration and production will be a key driver of the recovery, as it has been in every previous modern economic revival. We need to work together with all the Gulf States to ensure the full Gulf of Mexico is included in future leasing opportunities.”
“This report also serves as a reminder of why we must remain focused on our long-term energy security and dominance to protect our country from outside influences, such as OPEC+, that have attempted to intervene in energy markets and threaten America’s economy and energy independence. As we have learned from the COVID-19 crisis, energy is essential for our national supply chains and manufacturing infrastructure. Alabamians and all Americans stand to benefit when we strengthen our energy industry and our supply chains.”
To view the report, click here.