FACT CHECK: IER Examines Obama/Romney Energy Claims

During the town hall presidential debate in Hempstead, New York on Oct. 16, 2012, Governor Mitt Romney and President Barack Obama squared off on many issues, and energy policy was one of the most contentious of the evening. Energy policy deserves a comprehensive, fact-based national conversation. The Institue for Energy Research (IER} has analyzed the responses of both candidates and has fact checked their statements during last night’s debate.

• Gas prices have doubled under the Obama administration, in part because costly EPA regulations have forced refineries to close and more closures are likely.
• Total federal oil production (both onshore and offshore) declined by 13 percent between FY2010 and FY2011, while oil production on non-federal lands increased 11 percent.
• Natural gas production fell by 16 percent between FY2008 and 2011, despite the fact that natural gas production is the highest it has been since 1949.
• Coal production dropped 6.5 percent between 2008 and 2011. For the first 8 months of this year, coal production is almost 5 percent lower than the first 8 months of last year.
• Job losses associated with the closure of EPA-targeted coal units could amount to more than 50,000 direct jobs and more than 250,000 indirect jobs.
• The Obama administration’s increased fuel efficiency standards are estimated to increase the average cost of a vehicle by $3,000 and cut 7 million car buyers out of the new vehicle market.