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

If the United States oil and gas industry boosted production by 50 percent over the next 25 years, a new study estimates the ramped-up supply would lower energy costs, create 140 million jobs, and add $25 trillion to the nation’s economy. With an average annual gain of $12,418, that would amount to $300,000 for a family of four by 2050, Heritage Foundation Center for data analysis director Kevin Dayaratna, a study co-author, told a House panel on April 2. “Expanding domestic energy production offers substantial benefits—including millions of jobs, higher incomes for American families, and trillions in additional economic output—without meaningfully affecting climate outcomes,” he said in his testimony before the House Natural Resources Committee’s Oversight and Investigations Subcommittee....