Good Job, Mr. President, But Don't Stop There

Statement

Today, Louisiana Congressman Bill Cassidy made the following statement on the Administration's decision to aid construction of new nuclear power sites in the United States and a new report from the National Association of Regulatory Utility Commissioners (NARUC) demonstrating the economic and social economic benefits of domestic energy production:

"Dynamic, growing economies require affordable energy. Just as humans need water to live, our economy needs energy to grow. To ensure reliable access to affordable energy, we should encourage, not restrict, production within the United States."

"After three decades without construction of new nuclear power facilities in the United States, it is encouraging to see the Administration move forward with the development of new nuclear sites. I hope this is indicative of a newfound appreciation for domestic energy production."

"The benefits of domestic nuclear energy production are comparable to domestic petrochemical production. The NARUC report explains what we in Louisiana know intuitively: domestic energy production means more jobs with good benefits, lower energy prices, and greater energy independence."

"Unfortunately, the Administration has instituted a de facto ban on new domestic oil and gas production. This is more than a ban on production; it is a ban on millions of jobs, trillions in lower energy costs, and trillions in national economic growth."

"I applaud the President for advancing domestic nuclear energy, and encourage him to do the same with domestic oil and gas."

Background

As USA Today reports, "President Obama announced $8.3 billion in federal loan guarantees Tuesday to help finance the first new nuclear reactors in the U.S. in nearly three decades … The guarantees will help fund two reactors in eastern Georgia which, if licensed and built, could begin running in 2016 and 2017, supplying electricity to 1.4 million people. More money is coming. The Department of Energy has $18 billion to dole out, and Obama, in his 2011 budget, asked that the number be tripled to $54.5 billion, enough to help fund six to 10 reactors."

According to the NARUC study released Monday, maintaining the current moratoria on onshore and offshore energy production until 2030 will:

* Result in the loss of 13 million jobs in the energy economy
* Increase consumer energy costs by $2.35 trillion cumulatively
* Increase natural gas prices by 17 percent
* Increase electricity prices by 5 percent
* Increase gasoline prices by 3 percent
* Reduce Gross Domestic Product (GDP) by $2.36 trillion.
* Reduce domestic crude oil production by 9.9 billion barrels -- an average annual decrease of nearly 15 percent
* Decrease domestic natural gas production by 46 Tcf -- an average annual decrease of nearly 9 percent
* Increase imports from OPEC by 4.1 billion barrels, resulting in cumulative payments to OPEC of $607 billion.
* Increase natural gas imports by nearly 15.7 Tcf -- an average annual increase of almost 75 percent.

Source