|For Immediate Release:
Thursday, November 13, 2008
U.S. energy resources provide cost-free alternative to Congressional plan to spend hundreds of billions of taxpayer dollars
WASHINGTON – Today, the Institute for Energy Research (IER) – an energy think tank that evaluates public policies in the energy markets – endorsed an alternative, debt-free solution to multi-billion dollar government giveaways such as the one being readied for next week’s lame-duck session. By strengthening U.S. energy companies and encouraging their growth in more states, politicians could actually follow through on their promises to reduce energy prices and create jobs without asking taxpayers to foot billions and billions more in new government spending.
“The election is less than two weeks behind us, and yet our leaders in Washington have already forgotten what they spent more than a year talking about – strengthening America’s energy future. Next week’s stimulus debate presents an ideal opportunity for politicians to put their money — and policies — where their mouth is,” announced IER president Thomas J. Pyle.
“Increased drilling of oil and natural gas off of our coasts in previously restricted areas would not only address rising unemployment, shrinking pensions, and declining tax revenue; they’d fix them free of charge,” Pyle continued, “It’s easy to see why about 70% of Americans, and almost 50% of those who voted for Obama, support domestic drilling. It would generate immediate revenues through the competitive leasing process and long-term revenues through royalty and severance taxes and additional income taxes generated from new jobs.”
“Energy powers businesses. It transports people, moves goods, and creates jobs. Simply put, it’s essential for growth,” Pyle concluded. “The energy resources that the government has wrapped in red tape are they very ones that hold the answer lawmakers are seeking for our faltering markets, shrinking savings, and rising unemployment.”
To speak with IER’s experts or find out more, please contact Trice Whitefield at [email protected] or (703) 516-2173
The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.