Report Shows Economic Benefits of Energy Production
Chairman Hastings Statement on Report Detailing Economic Benefits of Energy Production on Federal Lands
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 thereafter.
• $10.3 billion annual state and local tax revenue over the next seven years, $35.5 billion annually thereafter.
- Hits: 5268