Thursday, February 7, 2013

Federal Oil & Gas Policy Hindering the Economy?

It sure looks that way.  A new study by Professor Mason at LSU indicates the Obama Administration's policy of blocking development of oil and gas resources on federal lands slows economic development.  You can read the whole study HERE, but there is a summary below, courtesy of John Hinderacker of the Powerline Blog.

Mason looks at both short-term gains, during the pre-production phase estimated at seven years, and long-term gains during the ensuing 30 years of oil and gas production. Mason concludes that reforming the Obama administration’s energy policies would yield more than 500,000 jobs annually in the short term, and almost two million jobs annually during the ensuing 30 years. He finds that GDP would increase by $127 billion annually over the next seven years, and $450 billion annually thereafter.

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