America’s failure to adopt a long-range energy policy that takes advantage of domestic energy resources is costing jobs and boosting energy costs for consumers, putting further strain on the economy, a non-profit group backed by the energy industry said in a report today.
Restrictions on U.S. energy development could cost the country more than 500,000 potential jobs by 2025, while rising energy prices will cost the transportation sector $51 billion more this year than in 2010, according to the report by the Houston-based Consumer Energy Alliance, in conjunction with the National Ocean Industries Association, an industry trade group.
“Onerous regulations, endless layers of red tape, restricted access to critical supplies of domestic energy and a lack of direction from government are only a few of the many examples of artificial barriers that paralyze business and make it difficult for America to grow and prosper,” said the report, entitled “Energy, Jobs & the Economy: Powering America’s Future.” (see it below)
The report advocates for “pro-growth” policies that encourage greater access to U.S. oil and natural gas resources on land and offshore, as well as wind and solar power and biofuels.
“There is no quicker path to economic resurgence than through proper development of our abundant natural resources and the economic growth that they create,” the report said.