Institute for Energy Research / by Joseph R. Mason
The Institute for Energy Research released today a groundbreaking study that assesses the recent Congressional Budget Office analysis of revenues gained by opening federal lands and waters for oil and gas development. The study, conducted by Dr. Joseph Mason, a professor at the Louisiana State University and the University of Pennsylvania’s Wharton School, offers contrasting projections of the potential revenue impacts, job creation, and overall GDP growth that energy resource development on federal lands would provide…
Among the studies key findings:
- GDP would increase by $127 billion annually for the next seven years, and $450 billion annually for the next thirty years.
- The cumulative 37-year increase in GDP would be $14.4 trillion.
- 552,000 jobs would be created over the next seven years, with almost 2 million jobs annually for the next thirty years.
- Job gains would be felt in high-wage, high-skill employment like health care, education, professional fields, and the arts.
- $32 billion in annual wage increases over the next seven years, with a cumulative $3.7 trillion increase over the a 37 year cycle.
- The federal government stands to receive $2.7 trillion more in tax revenues over the next 37 years, while state and local tax revenues equal $1.1 trillion in the same time period.