The first report in the Energy Institute’s Energy Accountability Series finds that proposals from Hillary Clinton and other politicians to ban oil, gas, and coal production on federal lands and waters would cost Colorado thousands of jobs and millions in revenue.
The Energy Accountability Series takes a substantive look at what would happen if energy proposals from candidates and interest groups were actually adopted. Over the past year, a growing number of politicians and interest groups—and the Democratic Party itself—have called for an end to oil, natural gas and coal extraction from federal lands and offshore waters. That concept is the basis of the “Keep it in the Ground Act,” a House bill with over 20 co-sponsors.
If these policies were to be enacted, the Energy Institute’s new report found that it will cost Colorado 50,000 jobs, $124 million in annual royalties, and $8.3 billion in GDP.
“Colorado voters deserve to understand the real-world impacts of the proposals that candidates and their allies make,” said Karen Harbert, president and CEO of the U.S. Chamber’s Institute for 21st Century Energy. “In an effort to appeal to the keep it in the ground movement, a number of prominent politicians have proposed ending energy production on federal lands. Their proposals will have a direct, harmful effect on Colorado’s economy and quality of life. For instance, $62 million in oil and natural gas royalties from federal lands were earmarked for education, while another $50 million was distributed to local governments to provide essential services.”
Harbert’s concerns were echoed by the leader of the Colorado Association of Commerce and Industry.
“The U.S. Chamber’s new report demonstrates how vital energy production on federal lands is to Colorado’s economy,” said Chuck Berry, president of the Colorado Association of Commerce and Industry. “It is critically important that those who seek to be our leaders understand the impact of their proposals and allow our state to maintain its position on leadership when it comes to energy production.”
The Energy Institute’s report provides two scenarios. The first examines the economic output that would be lost or placed at risk if energy development was immediately stopped on all federal acreage. The second scenario analyzes the cumulative impacts of immediately ceasing new leasing while leaving existing leases in place. While the above-mentioned figures apply to scenario 1, scenario 2 also has major impacts, with $6 billion in lost revenues over the next 15 years, and nearly 270,000 impacted jobs nationally.
Click here to download full version of the Grand Junction Area Chamber of Commerce September 2016 Newsletter.