New report: Energy development on federal lands could add $6.7B to Utah’s economy

Sutherland-Self-Govt-LogoA report released today by the Sutherland Institute Center for Self-Government in the West finds that, based on high-, medium-, and low-usage scenarios, the state’s economy could add between about $1.2 billion and $6.7 billion and 9,400 to 58,000 jobs annually by developing oil, gas and renewable energy on federal lands within the state. Developing these resources could also contribute as much as $1.2 billion in annual taxes.

The report is based on a newly released study by University of Wyoming Professor Timothy Considine that models the economic values of energy resources on federal lands in seven Western states. The full report is available at www.EndFedAddiction.org.

Based on past trends, current plans, and energy holdings on lands slated for development, the report estimates the full economic impact of developing oil, gas and renewable energy on federal lands within the state. It also compares the benefits of developing different energy resources, and finds a significant difference in the economic benefits of developing renewable versus nonrenewable energy on these lands.

While the most aggressive renewable development scenario could add as much as $123 million in economic value, $31 million in taxes, and about 1,800 jobs to Utah’s economy annually, aggressive oil and gas development could add $6.6 billion in economic value, $1.2 billion in taxes, and 56,000 jobs. The report notes that these types of energy are not mutually exclusive, but the differences between them may represent opportunity costs to be considered in a limited development environment.

With this report, Sutherland announces the creation of The Center for Self-Government in the West. The new center is headed by public policy veteran Carl Graham, who headed the Montana Policy Institute before coming to Sutherland to lead the new center. Carl will work with groups across the political spectrum and throughout the West on common issues facing Western states such as federal lands, fiscal readiness and regulation.

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