Kathleen Sgamma , president, Western Energy Alliance comments on the executive orders ordering a ban on oil and natural gas development on public lands.
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.
Wyoming, which ranks first in natural gas production on public lands and third in oil, would lose $138.3 billion in GDP over the next 20 years. Between 2021 and 2024, a drilling ban would eliminate:
- 18,228 jobs on average each year
- $10.6 billion in oil and natural gas investments
- production valued at $3.8 billion
- $2.1 billion in tax revenue to the state
- $10.3 billion in GDP
- $4.7 billion in wages.
Across the eight states that together provide over 97 percent of federal onshore production, closing off public lands over the next 20 years would result in:
- Average annual job losses reaching 351,555 by years 2036 through 2040
- GDP dropping by $670.5 billion
- Oil and natural gas investment plummeting $389 billion, leading to a loss of $502.6 billion worth of production
- The elimination of $159 billion in state tax revenues and $300 billion in lost wages.
The report entitled, “The Fiscal and Economic Impacts of Federal Onshore Leasing and Drilling Bans,” analyzes the economic impacts of two potential scenarios: a leasing moratorium and a ban on approving drilling permits. The full report is available online.
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