/PRNewswire / -- A coalition of America's oil and natural gas producers today released the findings of a major research initiative, which concludes enacting new federal regulations - especially related to hydraulic fracturing - could have disastrous economic consequences and increase our dependence on foreign oil.
Project BRIEF - Bringing Real Information on Energy Forward - covers the history and progress of effective state regulation of energy development, the proper role of the federal government and the economic consequences of changes to existing regulatory frameworks. To highlight these findings and educate the public, the coalition also launched a new website: www.EnergyInDepth.org.
"Project BRIEF's scope is unprecedented, and its findings are stark," said Lee Fuller of the Independent Petroleum Association of America, one of the coalition organizers which represents the 5,000 smaller, independent producers that drill 90 percent of America's wells. "Implementing new federal regulations that threaten domestic energy production and increase costs - without creating any additional environmental benefits - is the wrong policy course for the country."
America's natural gas and oil producers provide massive contributions to our economy, and play a critical role in ensuring America's energy needs are met. Saddling them with new, unnecessary and ineffective regulations could put them out of business, destroy jobs and increase our dependence on foreign energy. That's especially true if Congress moves forward with plans to target hydraulic fracturing, a safe and common production technology that renders possible the efficient extraction of energy resources from shale rock.
Key Findings of Project BRIEF:
-- 1.2 million Americans are directly employed by domestic oil and natural gas producers
-- In 2007, the industry invested a record $226 billion in domestic exploration and production, and paid landowners $30 billion in royalties
-- Potential new regulations now circling around Washington could:
-- Force the closure of more than half of America's oil wells and a third
of our gas wells
-- Cost the federal government $4 billion in revenue; state treasuries
would lose $785 million
-- Slash domestic oil production by 183,000 barrels per day; natural gas
by 245 billion cubic feet per year
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