This morning President Obama gave a speech at Andrews Air Force Base where he outlined his energy plan: less domestic production, fewer domestic jobs, and increased reliance on foreign sources of energy.
By refusing to move forward with Outer Continental Shelf investment, exploration and production, the President is preventing the following positive economic activity from occurring:
- $2.1 trillion – increase of federal revenue oil and gas extraction yields in 30 yrs
- $69 billion – amount in additional federal revenue per year
- $10.7 billion – increase in annual wages from initial investment in 23 states is
- $47 billion – annual wage increase from production in 23 states
- 2% of GDP per year for 30 yrs – amount increased offshore investment yields
- $400 billion – total royalty revenues related to increased
- 185,320 – increase in employment in 23 states from initial investments in OCS
- 870,432 – coastal annual state employment increase from production for 30 yrs
- 20,760 – health care/social assistance employment increase per year from investments
- $4.9 billion – increase in annual state and local tax revenues from investments
- $18.7 billion – increase in annual state and local tax revenue from production
- $85.85 – average inflation adjusted price per barrel of oil in 2011
- $130.50 – average inflation adjusted price per barrel of oil in 2030
Click here for a PDF of this press release.
Data source: American Energy Alliance