Today, the Subcommittee on Oversight and Investigations held a hearing on America's abundant energy resources and the economic benefits of U.S. domestic energy exploration and production. Subcommittee Chairman Paul Gosar (R-Ariz.) issued the following statement in response:

"The Biden administration’s unprecedented four-year war on American energy made it nearly impossible to produce domestic energy on public lands and was nothing short of catastrophic. Today, we have a great opportunity to unlock the vast potential of all American energy sources, from onshore and offshore oil and gas leases, to permitting new mines right here in America, including in my home state of Arizona. These important steps will work to drive down the cost of energy for households and provide a reliable source of income for both state and federal governments."

Background

Domestic energy exploration and production, particularly on federal lands and waters, is crucial to America’s social and economic future. For decades, the Congressional Budget Office (CBO) has consistently underestimated the broad economic benefits of domestic energy exploration and production. Recent economic models show even a modest 10 percent increase in domestic oil and gas production could result in hundreds of dollars saved for American households and a 50 percent increase in domestic oil and gas production could result in $25 trillion in GDP growth by 2050. 

Federal policymakers must unleash America's abundant energy resources and enact policies to cut red tape and usher in a new era of American energy dominance. Last Congress, House Republicans passed H.R. 1, the Lower Energy Costs Act, which included numerous provisions to increase American energy production and innovation. Earlier this year, the Subcommittee on Energy and Mineral Resources held a hearing to examine ways to increase offshore energy production and roll back the Biden administration's anti-energy policies. 

Today’s hearing focused on the economic benefits of increased development of domestic energy resources. Members questioned witnesses who brought a diverse range of knowledge to the hearing, including expertise on energy policy and economic modeling.

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