Four Years Later: Is Energy Better Off?
WASHINGTON D.C. — The American Energy Alliance released today a comparison chart answering the basic question in many American’s minds: Are we better off today than we were four years ago? With an exclusive focus on energy markets, regulations, and the economic impact of energy policies, the American Energy Alliance answered this question by looking at trends in energy regulations, energy costs, and taxpayer-funded energy subsidies over the past several years.
“Using the most cautious estimates, the facts are still clear. Four years of policies aimed at crippling domestic energy production for affordable sources like coal, oil, and natural gas have yielded higher electricity costs, more pain at the pump, and more federal regulations that drive up the price of energy. Meanwhile, taxpayers have been put on the hook for an explosive growth in renewable subsidies to fund Solyndra-style ventures, a disturbing number of which are closely tied to President Obama’s political and fundraising efforts,” AEA Director of Communications Benjamin Cole noted.
“Unemployment has grown by 43 percent in the last four years — from 5.8 to 8.3 percent this month. Meanwhile, per capital GDP has dropped by more than $1000, which means that Americans are spending a larger share of their income to keep the lights on, heat their homes, and commute to work. Gasoline prices have more than doubled since President Obama took office, and household energy expenses have jumped by 31 percent. The federal government is leasing less land for energy production, generating less revenue for U.S. taxpayers, and dispensing as much as 1000 percent more for renewable subsidies to bankroll intermittent, unreliable, and uneconomic sources.”
Some basic facts from AEA’s analysis of energy policies under President Obama:
- Taxpayer-funded biomass and biofuel energy subsidies have increased by 1731 percent — from $61 million to $1.1 billion
- Taxpayer-funded wind energy subsidies have increased by 947 percent — from $476 million to $4.98 billion.
- Taxpayer-funded solar energy subsidies have increased by 534 percent — from $179 million to $1.13 billion.
- The total cost of regulations have increased 49 percent — from $1.17 trillion to $1.75 trillion.
- The number of EPA regulations costing $100 million or more increased 40 percent — from 20 to 28.
- Total federal acreage under lease has decreased by 11 percent — from 47.24 million to 38.46 million.
- Total revenue from offshore lease sales has decreased by 100 percent (or 258 times lower) — from $9.48 billion to $36.75 million.
- The approval time from permit to drill on federal lands has increased 45 percent — from 212 days to 307 days.
- Total approved drilling permits on federal land has decreased 36 percent — from 6,617 to 4,244.