‘Reliable, affordable energy requires a 21st century system of transmission lines, pipelines, and energy infrastructure,” said Felmy. ‘The recent cold snap provided a chilling reminder of what happens when demand approaches the limit of our current ability to bring abundant U.S. supplies to the regions that need it most.
‘A new study released last week by IHS shows that capital spending on oil and gas infrastructure increased by 60 percent between 2010 and 2013, thanks to America’s shale energy revolution. With the right policy choices, these investments will accelerate, providing a major boost to the economy, creating jobs, and strengthening the supply chain to consumers.
‘In total, IHS anticipates up to $1.15 trillion in oil and gas infrastructure investments over the next 12 years, contributing as much as $120.58 billion to U.S. GDP; supporting as many as 1.15 million jobs; and providing an additional $27.45 billion in government revenues on average, annually between 2014 and 2025. These are private dollars ‘ not public funds ‘ ready to put shovels in the ground.
‘Public officials are taking notice too. President Obama recently announced a new Quadrennial Energy Review of transmission and distribution infrastructure. Our message is simple: let’s recognize the value of investing in our energy transportation network and work together to streamline the regulatory and permitting process, so that small delays don’t potentially add up to huge costs for consumers across country.”