Public Policy Priority: Federal Leasing Ban
During President Biden’s first term, a leasing ban on federal lands will like increase carbon emissions, as well as lead to job losses across the United States.
By 2040, the total cost of a leasing ban on federal lands alone amounts to $640 billion in lost GDP and more than 343,000 jobs. States would forego $152 billion in tax revenue and workers would fail to earn $286 billion.
Domestic natural gas production lowers America’s carbon output. 12% of U.S. natural gas is produced in federal lands and waters.
By decreasing access to U.S. natural gas on federal lands, the Executive Order could actually end up increasing U.S. carbon emissions.
According to the U.S. Energy Information Administration (EIA), America’s shift from coal to natural gas has driven reduction of more than 2.8 billion metric tons of CO2 emissions since 2005 – the largest source of U.S. energy-related carbon savings.
In fact, natural gas has been acknowledged by the EIA and the International Energy Agency (IEA) as the number one reason the U.S. has reduced more greenhouse gas emissions than any other country over more than a decade.
President Biden’s ban puts at risk national parks funding less than a year after Congress passed the Great American Outdoors Act and directed $1.3 billion annually in oil and natural gas revenue into conservation. The Land and Water Conservation Fund (LWCF) is likewise at risk as it depends on federal offshore oil and natural gas.
The president is risking $8.8 billion in conservation revenue streams in his first term that otherwise are available from a stable federal oil and natural gas program.