Steve Pociask, president of the American Consumer Institute, and Joseph Fuhr, economics professor at Weidener University and senior fellow at the Institute, released a year-long research study that investigated 351 energy projects in 49 states. The study, by TeleNomic Research, was conducted at the request of the U.S. Chamber of Commerce and gives an independent analysis and audit of the the Chamber’s Project No Project initiative. The study estimated the U.S. economy has contributed to a sharp decline in GDP, employment earnings and jobs as a result of cancelled and delayed energy projects resulting from legal challenges and regulatory roadblocks. The long term losses were estimated in the trillions of dollars, with one million annual jobs lost over the next three decades. The study recommended streamlining the permitting process to provide some certainity and consistency approval process.
One surprising finding was that renewable energy projects — such as solar, wind, wave, biomass and hydro — were meeting the same harsh regulatory and legal challenges as other projects, in what the authors referred to as “Green Tape.” In fact 45% of the energy projects identified as cancelled or stalled due to regulations were renewable energy projects. The study did not look at oil drilling projects (on or offshore).
To read the report, click here.
To see a few of the dozes of stories on the release of the report, follow the links below . . .