Obama Administration Bankrupting Coal


Mining - Jan 15, 2016

Institute for Energy Research President Thomas Pyle issued the following statement after the Obama administration announced plans to put a moratorium on new coal leases:

“Throughout his time in office, President Obama has shown complete disregard for the communities and the people left in the wake of his ideological climate agenda. The pattern couldn’t be clearer. Having already destroyed the livelihoods of Appalachian families, the president is now moving to the citizens of the West with this moratorium on coal leasing. The president is perfectly content to destroy the livelihoods of anyone who doesn’t subscribe to his ideology or share his values. For many Americans in the West, the administration’s actions will kill existing jobs and prevent new jobs, raise the cost of living, and damage their way of life.


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“This attack on affordable energy doesn’t end with coal. The administration will use this announcement as a springboard to halt oil and natural gas leasing, all in an effort to make his favored energy sources the “preferred” energy sources. As the sun sets on his presidency, this administration has once again made clear that they have no intention of slowing down their costly agenda — no matter who it harms.”

A new IER study shows how opening our federal lands and waters to oil, gas, and coal leasing would increase economic growth, wages, jobs, and federal, state, and local tax revenues. Key findings include:

  • GDP would increase by $127 billion annually in the next seven years, and $663 billion annually in the next thirty years
  • $20.7 trillion cumulative increase in economic activity over the next thirty-seven years, simply by allowing Americans to go to work producing energy
  • 552,000 jobs would be created annually over the next seven years, with 2.7 million jobs annually over the next thirty years
  • $32 billion increase in annual wages over the next seven years, with a cumulative increase of $5.1 trillion over thirty-seven years
  • The federal government would receive an additional $3.9 trillion in federal tax revenues over thirty-seven years, while state and local tax revenues would rise by $1.9 trillion over the same time period.

 

Source : Institute for Energy Research

Published on Global Energy World: Jan 15, 2016

 
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