Even Slight Increases in Oil, Gas Output Significantly Boost Economy: Reports

Conservative think tanks offer House GOP blueprints to develop public land fossil fuels, while Democrats say ’taxpayers are footing the bill for Big Oil.’
Even Slight Increases in Oil, Gas Output Significantly Boost Economy: Reports
The Development Driller III off the coast of Louisiana in the Gulf of Mexico on May 11, 2010. Gerald Herbert-pool/Getty Images
John Haughey
Updated:
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If the United States oil and gas industry were to boost production by 50 percent over the next 25 years, the ramped-up supply would lower energy costs, create 140 million jobs, and add $25 trillion to the nation’s economy, according to an estimate from a new study.

With an average annual gain of $12,418, that would amount to $300,000 for a family of four by 2050, Kevin Dayaratna, the Heritage Foundation Center for Data Analysis director and a co-author of the study, told a House panel on April 2.

John Haughey
John Haughey
Reporter
John Haughey is an award-winning Epoch Times reporter who covers U.S. elections, U.S. Congress, energy, defense, and infrastructure. Mr. Haughey has more than 45 years of media experience. You can reach John via email at [email protected]
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