A report by an economist at the School of Energy Resources at the University of Wyoming says President-elect Joe Biden’s promised ban on oil and gas development on public lands would severely harm the economies of eight western states.
Timothy Considine released his findings in “The Fiscal and Economic Impacts of Federal Onshore Oil and Gas Lease Moratorium and Drilling Ban Policies,” on Monday, providing a depressing economic forecast for the states the states that have significant energy production from federal lands.
Considine produced the report under contract with the Wyoming Energy Authority, which is funded by the State of Wyoming.
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
- 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.
The study says that Alaska, which ranks eighth in both oil and natural gas production on America’s public lands, would lose $226.4 billion in GDP over the next 20 years.
Between 2021 and 2024, a drilling ban would eliminate in Alaska:
- 3,334 jobs on average each year
- $1.4 billion in oil and natural gas investments
- production valued at $1.5 billion
- $383 million in tax revenue to the state
- $2.1 billion in GDP
- $964 million in wages.
The eight states provide over 97 percent of federal onshore production. If Biden closes off public lands to oil and gas, as he has promised, over the next 20 years the nation would experience:
- 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.
It is a luxury of a wealthy country to care about the environment (or equality for that matter). However, when you place caring about the environment before maintaining that wealth, you will lose both the wealth, and the environment.
I ask myself, where people like you want to live. If there is no life conditions, who will care about wealth?
Trump’s politics and corruption is bringing wealth (if any) just to big companies, or do you think those companies will pay golden salaries?
Come to DC on the 6th
Once Again … anyone and everyone deeply concerned with this issue can always personally thank a Democrat. Look to the left or right, we’re surrounded by them and they’re easy to spot.
Rob, you are incorrect. Thank a coordinated conspiracy, aided by a corporate fascist media,. Trump did not lose this election.
The Green New Deal is what this aim is all about. Biden-Harris campaigned on this issue. The US Senate would be the only hope in killing off any GND bills coming through the US House. Imagine if Alaska elected Doc Al Gross? That pathetic individual would have sold out Alaska in a heartbeat.
Forget Doc Gross. We will never hear about him again. Even his fellow Democrats have long forgotten about him.
Banning resource development on public lands is the equivalent of shooting oneself in the head – it does the shooter no good and helps one’s adversaries. Advocates of killing domestic energy production live in a fantasy world where a switch to unreliable, inefficient and exotic energy sources magically produces wealth and prosperity. How this happens remains the greatest mystery in the universe. Joe will be gone or being held incommunicado in two tears or less. Ms. Harris will be gridlocked by Congress after that. This will be rough ride, although it is fairly predictable. Are Senators Murkowski and Sullivan tough enough for the fight? Will ANWR be locked up again?
Yup, that is what over 40% of Alaskans voted for and over 50% of Americans voted for. I guess over half of Americans don’t want prosperity and prefer socialistic despair.
That is the problem with candidates like Biden and even Obama. The issue is not that they win.
The problem is that a majority of the voters want them to win.
.
This nation survived eight years of Clinton, Bush, Obama, and it will survive four years of Biden/Harris. What it will not survive is a population that wants the malarkey they are selling.
Right on!
Anyone in Alaska that voted for this man pack your bags and leave.
Sounds about right.
Remember the 80s? Those are gonna seem like the good old days.
Wanna bet if state workers miss a days pay?
We better pray that justice is served & President Trump continues to expose all this evil & corruption that is tearing down our America. The future with Biden is death to these states.
Maybe it’s time for the red states to secede the union let the Democrats live with their poor decisions. What’s Biden going do? he’s no Abe Lincoln the Democrat controlled states will beg to join us in less than a year.
I have only heard of a proposed ban on fracking being done on federal lands. I’m not aware of anyone fracking in Alaska, let alone on fed land. Is this article purposely misleading or did I miss an announcement for the ban of all new drilling on fed land as this article seems to hint at?
Fracking in Cook Inet for years now.
Fracking got its start in Prudhoe Bay over 40 years ago. It is one reason the old fields continue to produce. Trump’s success opening the 1002 area in ANWR is entirely federal land. Production from the area would help fill the pipeline and help justify continued development in and around the old fields.
While Alaskan Democrats support for fracking, Great Bear, et al, may not be at the full force it was a few years ago, it does not preclude the potential in North Slope shale. Biden would close this opportunity.
BHAAA!
Stop being sheep.Connect the dots, turning off oil won’t be that easy, look who the short list of potential Dept of Interior heads are.Apparantly you folks dont play poker much.
The economy forces have been moving green for 6-8 years now, that includes most of the global majors(sans Asia/Russia),excluding XOM,which isn’t really a global major as measured by market cap.
The mover and shakers also includes most 1st tier electric producers, either national or international.
I’ll bet I know what Biden has in mind for Alaska’s oil and mineral wealth. Give it to China. They are old buddies. His kid, Hunter, can come up and run it for them. Green new deal? Try solar heating or anything else in the winter, with only partial sun and a climate that is predictably cold. Not being able to use petroleum products (the ultimate goal) will set Alaska back to the late 1700’s. Not as many whales now, either (for their oil). Our magnificent forests would be the fuel source. Have to be, or head south. The green new deal is not the worst thing our country/Alaska, is looking at if President Trump is cheated out of the presidency. Living wage jobs will disappear like the morning fog with the Biden open borders policy. The only ones to be able to make a living will be public employees. Just like now. All the talk is now worth nothing. Action will soon be the only route left. Either that or live on our knees. No thanks.
As usual, Suzanne, your warped, distorted portrayal of facts is meant to sow discord and prevent a rational discussion of these important issues. Though there will be losses in the fossil fuel sector, there will be big job gains in the area of renewable energy. And global warming is totally screwing up our planet and costing us billions in crop losses and coastal inundation.
Eric,
What is that smell coming from your comment? Out of touch, disconnected from reality, just plain dumb. Go back where you came from.
Eric I take it you do not use fossil fuels or are you just another lefty wanting everybody to do what you want or think? Where are the jobs from obummers green deal and shovel ready jobs.
I see nothing warped or distorted in her presentation of the facts. She cites her sources and lists facts as bullet points. How is that distorted?
Second… please list any potential “renewable energy” resources we can develop in this state. Hydroelectric? The left would have a fit if we wanted to dam a river. Solar? It gets dark at 3:30 this time of year. Wind? Okay we’re already doing that, we can do more. I hope you like the idea of huge battery farms to store energy for when the wind stops.
Please remind me… is it 10 years now that humanity has to live? Or has that number changed again?
Eric, how much of your Schlumberger Oilfield Services retirement will you be donating to windmills in Alaska? Are you willing to give any silver you may have to build solar panel systems? Just curious
Trump won in a landslide, the people love his policies. First time we are able to be energy independent.
These democrat policies would be par for the course, if the fraud of the election is allowed.
Imagine paying double or more for fuel, the cost to this State would be catastrophic. The State would turn into a desolate national park, until the Chinese take it for payment of debt and strip mine the whole landmass.
They left out job growth in green energy development and the fact that scientists predict catastrophic collapse of our species within 40 years. Less if we stick with petroleum based energy.
Gale,
See reply to Eric, above.
Epic and based these oil companies have done nothing good lately except layoff people and hijack our democracy, let them burn to the ground.
And you need to be carbon free or just another hypocrite. The wish’s washy politicians helped with Bp exit.
You voted Dems in – now suffer the consequences.
Great! Now everybody on the North slope who voted for Biden can reap the benefits of that thief and illegitimate president. Same thing in California and any other blue State that supported a chump for president and a racist for vice president.
His plan is to use the Alaska blueprint of turning success in to socialism.
Our legislature under Walkers reign, promoted sovereignty, which on the YK Delta guarantees 57 individual states, 100% dependent on the American tax payer. This puts the power into who ever brings home the bacon in total control.
This has destroyed self motivation, individual success.
Biden shutting oil down has nothing to do with saving the environment. It’s all about turning American towns and Cities in the heartland into Alaska socialist Villages, on their knees for every thing free you can imagine in life.
The Democrats plans are a huge success in Rural Alaska.
Don’t believe me, well check this out.
Here’s the difference between urban and rural with the Covid funds distribution. Our Village divided the money by households.
1. $1200 credit electricity/AVEC
2. $1200 credit water/sewer
3. Food and cleaning supply boxes
4. $1000 cash Head of household
5. $500 cash each dependent in the household.
Throw in food stamps and WIC, food and fuel distribution from Coastal Villages CDQ.
All and all, a whole lot better job than either Bethel or Anchorages Assemblies.
The demons in Juneau destroyed Rural Alaska. They well laid plans have nothing to do with a cleaner environment, it’s about dependency and votes.
Still don’t believe me, check out proposition 2.
Dependency and votes, that’s Biden’s goal, absolutely nothing else.
You sir are absolutely correct. Dependency = control and the only way to make a person do what you want them to do is take their ability to rise up while “giving” them just enough to keep them pacified.
Just human nature. A nation, just as a person, has to hit rock bottom before even having a single thought of reform. Our best hope is that President Xiden will get us there very quickly. Then we can get on with the task of becoming, once again, an actual nation with liberty and justice for all. Not just for the favored group du jour.
Unless, of course, serfdom is what the majority wants.
Do you?
President Trump worked like a dog to make America energy independent. We took away OPEC’s ability to mess with our economy and their leverage over our international practices.
Now Biden wants to give it all away. The rich and entitled in America see Alaska as their playground, a comfort that there still exists some great untouched place. It makes them happy there’s still a pristine region in case they ever want to see it from their private jets. It allows them to signal illegitimate “virtue”. Listen, you can almost hear the tinkle of champagne flutes as they toast each other.
But the little people that work to run the places, those of us in flyover country, we don’t matter. We are deplorables and what we want and need simply DO NOT MATTER. Maybe we can start businesses washing their limousines?
If you are angry at elites maybe you should look to oil executives
What will happen is that we will only make China more profitable. We will need batteries ( China), solar panels (China) electric motors (China), the list goes on. All from China being run through the Democrats as they take a skim. This was all planned.
Oil is not a fossil fuel . Start reading . Our earth will stop producing oil when hell freezes over . Oil has been found far deeper than any fossils have ever been found . Its a natural product of our earth . Please do some research . God bless Donald Trump
I’ve read somewhere that there’s bacteria that was first thought to live on petroleum. Further research suggests that the bacteria don’t live on the petroleum, but on precursor hydrocarbons, and petroleum is their byproduct … suggestive of how yeast turns sugar into alcohol. Or even suggestive of the catalytic process for making nitro-glycerin.
Auxin, gibberellin, cytokinin, ethylene, and abscisic acid are precursors to major plant hormones. It’s a complex “cocktail” of interdependent processes, with each individual hormone series following different paths.
It is arguable that there’s at least three, possibly even more types of petroleum, each with their own unique isotopes, suggesting differing origins. One common denominator is that all are lighter than water, and must be in porous rock, trapped under some sort of impermeable “dome”. That could account for petroleum with different origins being found together … sort of a potluck happenstance.
The earth’s crust gets squeezed somewhere and domes happen. Everything lighter than water is forced under it, with many times more than that being forced to the surface. Since the large, economical deposits happened a really long time ago, the processes can’t be broken down into the many paths by reverse engineering. At this point of our science, our super computers still don’t have enough number crunching ability.
Please note that there are no quotation marks because this is my work, I’ve never read it anywhere, except in bits and pieces, from which I’ve compiled this summary, which is nothing more than my best guess.
maybe this guy could run the numbers on how much Alaska lost in oil revenue over the last 4 years. Maybe compare to the 8 years of Obama when oil prices averaged twice what they averaged under Trump. The commenters here really believe that Biden will undermine the economies of California, Colorado, and Pennsylvania.
The headline includes Texas among the states adversely impacted. However, the body of the story doesn’t mention Texas as being impacted. Could that be because Texas is mostly private lands and little oil & gas development occurs on federal lands in Texas?
Please clarify why Texas is included in the heading but not mentioned in any detail in the body of the story. Thanks.
It would probably be because of Biden wanting to implement regulations, environmental and others. Not to mention when he does away with fracking, that will impact Texas. Drilling offshore well certainly impact Texas so you just have to open your eyes and you shall see
Isn’t this what democrats want..? You know.. They are pro-poverty, pro-communist, pro-ecoterrorist.
Just remember every time you see a Biden 2020 sticker on a car, they voted for you to lose your job.
The agricultural revolution worked out in the long run because it was results based.
The industrial revolution worked out in the long run because it also was results based.
The green revolution cannot work out in the long run because it is agenda based.
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