High energy costs have only compounded our country’s economic struggles. Fortunately, an alternative to costly foreign energy has emerged: Hydraulic fracturing, a.k.a. fracking, is a promising technique that can provide both cheaper energy production and job creation.
Heritage Foundation expert Nick Loris dispels four common myths concerning fracking: Continue Reading »
Over the past several years, only 14 states have experienced an increase in median household income. Excluding the District of Columbia, the five states with the greatest increase in household income are also energy-producing states.
A new Heritage Foundation chart makes this clear:
Energy producing states will likely enjoy a sustained economic boost, Heritage’s Rob Bluey explains: Continue Reading »
Demonstrators carry a giant mock pipeline while calling for the cancellation of the Keystone XL pipeline during a rally in front of the White House in Washington November 6, 2011.
Bowing to pressure from environmental groups, President Obama on Wednesday rejected a permit application by TransCanada that would have allowed construction to begin on the 1,700 mile Keystone XL pipeline.
The pipeline would run from Alberta, Canada to refineries in Texas and would have directly created 20,000 jobs for Americans and brought over 700,000 barrels of oil per day. The Canadian Energy Research Institute estimates that current pipeline operations and the addition of the Keystone XL pipeline would create 179,000 American jobs by 2035.
Heritage Foundation energy expert Nick Loris finds the President’s delay “stunning but not unexpected”.
At a time when unemployment remains unacceptably high, Iran is threatening the Strait of Hormuz, and Canada is looking to take this oil elsewhere, it is difficult to understand how the President could say no to thousands of jobs and an increase in energy supply from our ally.
With 14 million Americans unemployed, you’d think President Obama would be open to job creating solutions.
But the opposite seems to be true.
Last week, the Obama administration announced it would delay a decision on the Keystone XL oil pipeline until after the 2012 elections–a $7 billion pipeline that would bring more than 700,000 barrels of oil per day from Alberta, Canada to the Texas gulf coast.
Over the last several months, President Obama had been feeling the heat from radical environmentalists and Hollywood’s celebrity base to block the construction of the pipeline. As The Heritage Foundation’s Mike Brownfield explains, the administration’s retreat on this issue shows “politics is more important than achieving true energy independence for the United States.” Continue Reading »
Last week, when the President gave his jobs speech, he said his plan would be fully “paid for.” This week, he released the details of his plan: it would be “paid for” largely by tax hikes on job creators.
In true blue fashion, the President’s plan largely consists of tax hikes on job creators. The Heritage Foundation’s Curtis Dubay explains the details, Continue Reading »