380,000 Jobs At Risk If Federal Lands Production Ban Becomes Policy
In an effort to prepare Americans to vote in November’s election, the U.S. Chamber of Commerce’s Institute for 21st Century recently examined what it would mean if some political candidates’ promises to ban energy exploration on federal land became a reality. In a report issued last week, the Institute said a ban “would be devastating to the U.S. and particularly felt in states like Colorado, Wyoming, and New Mexico, as well as the Gulf of Mexico region.” Specifically, the report found banning exploration on federal lands and in federal waters would:
- Threaten or kill 380,000 jobs;
- Threaten to reduce gross domestic product by about $70 billion per year;
- Reduce the nation’s natural gas, oil, and coal production by 25 percent; and
- Result in the loss of $11.3 billion in royalties.
Last week’s report was the first in a series that will take a substantive look at what could happen “if certain energy-related ideas and policy prescriptions put forth by prominent politicians and their supporters were actually adopted.” The Institute said its “hope is that these reports help promote and inform a fact-based debate of the critical energy issues facing our country.” The report lists several candidates who have said they would support a ban on production on federal lands and also provides an analysis for each of the states that would be most impacted by this policy.