Business

Report: Oil-and-gas drilling bans will cut GDP by $2.36 trillion

Pat McMahon Contributor

This should provide some ammo for industry groups pushing the White House to allow wider drilling: A new report says U.S. oil-and-gas drilling bans will increase consumer energy costs and decrease cumulative U.S. GDP by $2.36 trillion over the next two decades

That’s an average annual GDP drop of roughly a half a percent.

The report, commissioned by the National Association of Regulatory Utility Commissioners, comes as President Obama is signaling that he’ll back expanded offshore drilling as he seeks GOP and centrist Democratic support for a broader energy and climate bill.

Full story: Report: Oil-and-gas drilling bans will cut GDP by $2.36 trillion – The Hill’s E2-Wire