Energy Tomorrow Blog
Posted February 8, 2019
The nonpartisan Congressional Budget Office’s new report, “The Budget and Economic Outlook: 2019 to 2029,” says what we’ve been saying for some time now – the administration’s tariff policies are a drag on the broader economy.
CBO projects that “the recent changes in trade policy in the United States and its trading-partner countries will reduce the level of U.S. real GDP by about 0.1 percent by 2022
Now, 0.1 percent might not sound like a lot over that time period, but potentially we’re talking about hundreds of billions of dollars subtracted from the economy. Dean Foreman, API chief economist, says it’s particularly concerning in the context of an economy that’s decelerating.
Posted August 1, 2017
The United States leads the world in natural gas and oil production, thanks to vast energy reserves and advanced technologies, such as hydraulic fracturing and horizontal drilling, and also the work of natural gas, oil and refining sectors that supply Americans’ daily needs and increase our security while boosting the broader economy and advancing climate goals. This economic heft is clear in a new PwC study showing that the natural gas and oil industry supported 10.3 million U.S. jobs in 2015 – up 500,000 since 2011– while adding $1.3 trillion to the national economy or about 7.6 percent of U.S. GDP. Importantly, industry’s economic lift extends to all 50 states, PwC found, energy producers and non-producers.
Posted December 8, 2015
The economy-wide arguments in favor of lifting America’s 40-year-old ban on crude oil exports are detailed in a number of recent studies. Some of ICF International’s numbers: up to 300,000 additional jobs in 2020 when crude exports are allowed; up to a $38 billion increase in U.S. GDP in 2020; $5.8 billion in estimated reduced consumer fuel costs per year, on average, 2015-2035; $15 billion to $70 billion of additional investments in U.S. exploration, development and production, 2015-2020; and a $13.5 billion increase in federal, state and local tax receipts attributable to GDP increases from expanding crude oil exports in 2020.
The economic boost is state and local as well. A study of the state-by-state impacts of lifting the crude oil export ban by ICF and EnSys Energy shows the economies in nearly every state would receive a boost in 2020, with nine state’s economies increasing by more than $1 billion. In addition, 18 states would gain more than 5,000 jobs each in 2020, according to the study.
Posted May 3, 2011
Jane Van Ryan
Posted March 1, 2011
Jane Van Ryan
Posted September 22, 2010