Almost $14 Billion in Ready Investment to Fuel Post-COVID Economic Recovery at Risk, Report Finds

Delays, obstruction or cancellation of pipeline infrastructure projects are threatening at least $13.6 billion in economic activity, over 66,000 jobs and more than $280 million a year in state and local tax revenue at a time when America’s financial recovery from COVID-19 requires more investment and tax revenue, a new Consumer Energy Alliance report finds.

The report, How Pipelines Can Spur Immediate Post-COVID Economic Recovery,” for the first time quantifies the potential and actual economic harm that anti-energy interest groups and allied policymakers, regulators and even judges are creating, and contrasts that with the harsh COVID-related economic realities that exist right now in states where energy infrastructure is needed – but is being impeded.

The findings of the report, which examines a representative sample of states, demonstrates how new energy infrastructure construction activity could provide relief for struggling families and small businesses, put thousands back to work at wages far above the national average, and create demand in the manufacturing and industrial sector for steel, parts, services and a host of energy and construction supply chain needs.

Despite this tremendous opportunity, there are still organized forces intent on leveraging the devastation of the pandemic to advance an extreme agenda against the infrastructure that delivers the energy that literally makes our world go around, our lives easier, and our environment better by making cleaner forms of fuel available. CEA’s report details how their efforts to champion lawsuits, procedural delays, and regulatory roadblocks to stop construction projects are hindering economic recovery and destroying – or have destroyed – billions in consumer savings through lower energy bills.

Among the findings:

  • Opposition in New York, New Jersey and Pennsylvania against infrastructure risks more than $3.5B in economic activity and more than 17,000 mostly union jobs and nearly $52M/Yr in tax revenues. The Northeast Supply Enhancement project alone would have saved residential customers 65% on their utility bills and prevented the annual carbon emissions equivalent of 500,000 cars from going into the atmosphere
  • The actual or potential economic harm to Virginia, West Virginia and North Carolina includes $2.7B in economic activity and $7.5B in projected energy savings & 17,000 jobs already lost
  • Blocking the Line 5 Tunnel Project would destroy $5.4B a year in economic activity in Southeast Michigan and Ohio
  • Opposition to Line 3 Replacement Project in Minnesota threatens $35M/Yr in new tax revenue, $2 billion in economic activity, $162M in local construction spending and 8,600 jobs
  • Shutdown of the Dakota Access Pipeline may add $1 billion/Yr to farmers’ costs as oil demand drives rail car prices up, risk higher gasoline, diesel and jet fuel prices for the upper Midwest
  • Failure to move ahead with the Keystone XL expansion will destroy $3.4 billion in investment, 10,400 jobs and $55 million in local tax revenue/Yr across Montana, South Dakota and Nebraska
  • If Bayou Bridge opponents had succeeded, Louisiana would have lost $17.8 million in sales tax and over $420 million in payroll for 2,500 construction jobs would have evaporated

“With almost $14 billion of ready investment to fuel post-COVID recovery available, the campaign to impede America’s vital energy infrastructure projects is putting the desires and politics of the few against the economic needs of the many – and our nation,” CEA President David Holt said.

“We’d be foolish to push these immediate injections of private capital aside, because it will slow our economic recovery at the expense of countless families and businesses who are just trying to get back on their feet again. These projects have also been proven to provide the best environmental protections because they introduce state-of-the-art technologies to reduce emissions and increase safety where none existed before.”

Holt added: “We can put people back to work now if our policymakers can find the courage to say no to politically motivated anti-energy groups, who lack a realistic plan to help get America back on its feet. It’s time to reject those who offer fact-free opposition to our energy needs in a let-them-eat-cake manner that only harms ordinary people and businesses, and erases the chance for immediate environmental gains.”

To read the full report, click here.

About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy and the environment, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic and environmentally responsible solutions to meet our nation’s energy needs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200910005122/en/

Contacts

Bryson Hull
P: 202-657-2855
bhull@consumerenergyalliance.org

Source Article

Next Post

CAE Announces Stacey Sparks as Senior Director of Content Design and Development

Council for Aid to Education, Inc. (CAE), a leading provider of performance-based educational assessments measuring 21st century skills, as well as custom assessments, today announced the appointment of Stacey Sparks to senior director of content design and development. In this role, Sparks will lead content development for the services division and manage content experts and […]