Stalled Energy Projects Harm Economy

Since the Gulf oil spill nearly a year ago, the U.S. Bureau of Ocean Energy Management, Regulation and Enforcement has issued just one deepwater drilling permit — but oil rig owners aren’t alone when it comes to permitting problems. Renewable, coal, natural gas, nuclear and transmission energy projects across the country also face delays and cancellations.

What’s worse: These stalled energy projects cost the American economy both GDP and jobs, according to an economic study released Thursday by the U.S. Chamber of Commerce.

The study, conducted by American Consumer Institute President Steve Pociask and Widener University economics professor Joseph Fuhr, identified 351 delayed or cancelled projects in 49 states — and found these projects alone could boost the economy by an estimated $1.1 trillion, as well as create 1.9 million new jobs.

(more…)