This is the largest sale of leases in four years.
Most of the leases, sold through the Bureau of Land Management, are in Wyoming.
From the Daily Caller:
“In the first lease sale under the Trump administration, the BLM had its biggest sale in the past four years,” Utah Republican Rob Bishop, chairman of the House Committee on Natural Resources, told The Daily Caller News Foundation. “Today’s successful sale in part is a recognition that the BLM under new leadership will prioritize fulfilling its statutory mandate of multiple-use land management and the holding of quarterly lease sales, and the industry is responding accordingly.”
Thursday’s lease sale is one of four BLM has planned for this year.The Institute for Energy Research in December 2015 issued a study that claimed leasing more federal land to mine coal and drill oil and gas would boost the economy.
From the institute:
• $127 billion annually for the next seven years.
• $663 billion annually in the next thirty years.
• $20.7 trillion cumulative increase in economic activity over the next thirty-seven years.
• These estimates include “spillover” effects, or gains that extend from one location to another location. For example, increased oil production in the Gulf of Mexico might lead to more automobile purchases that would increase economic activity in Michigan. Spillover effects would add an estimated $69 billion annually in the next seven years and $178 billion over thirty years.
• 552,000 jobs annually over the next seven years.
• Roughly 2.7 million jobs annually over the next thirty years.
• Jobs gains would be not only in fields directly related to oil, gas, and coal but more than 75% of the jobs would be in high-wage, high-skill employment like health care, education, professional fields, and the arts.
• $32 billion increase in annual wages over the next seven years.
• $163 billion annually between seven and thirty years.
• $5.1 trillion cumulative increase over thirty-seven years.
Increase in tax revenue:
• $3.9 trillion increase in federal tax revenues over thirty-seven years.
• $1.9 trillion in state and local tax revenues over thirty-seven years.
• $24 billion annual federal tax revenue over the next seven years, $126 billion annually thereafter.
• $10 billion annual state and local tax revenue over the next seven years, $61 billion annually thereafter.
We could use cheap energy. Go for it.
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