CASPER A ban on oil and natural gas development on public lands by President-elect Joe Biden would severely harm the economies of eight western states, according to a Wyoming Energy Authority study conducted by University of Wyoming Professor Tim Considine.
Over the next four years, the human cost of fulfilling Biden’s campaign pledge would be an average of 72,818 fewer jobs annually. Lost wages would total $19.6 billion, economic activity would decline $43.8 billion, and tax revenues would drop $10.8 billion by the end of Biden’s first term in Alaska, California, Colorado, Montana, New Mexico, North Dakota, Utah, and Wyoming. By 2040, Gross Domestic Product (GDP) would decline by $670.5 billion and average annual job losses would exceed 351,000 across the West.
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Ban on federal drilling leases would cost eight US states billions, study finds
FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford
16 Dec 2020 07:10AM (Updated:
16 Dec 2020 07:33AM) Share this content
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NEW YORK: A ban on new oil and gas drilling leases on federal lands would cost eight Western states US$8.1 billion in tax revenue and US$34.1 billion in investment in the next five years, according to a study released on Tuesday by the state of Wyoming.
By Reuters Staff
2 Min Read
FILE PHOTO: Drilling rigs operate in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford
(Reuters) - A ban on new oil and gas drilling leases on federal lands would cost eight Western states $8.1 billion in tax revenue and $34.1 billion in investment in the next five years, according to a study released on Tuesday by the state of Wyoming.
The report, commissioned by one of the nation’s top oil and gas-producing states, aims to push back against President-elect Joe Biden’s campaign promise to halt leasing on public lands as part of a sweeping plan to tackle climate change.