White House sees wide-ranging benefits in energy boom

Source: By Timothy Cama, The Hill.com • Posted: Friday, February 20, 2015

Increased oil and gas production and use of renewable energy means the United States economy is stronger, greenhouse gases are down and security is better, the White House said Thursday.

Those are some of the benefits of the energy boom of recent months that the White House’s Council of Economic Advisers outlined in a major report on the economy.

And while lower oil and natural gas prices — caused largely by increased domestic production — could boost consumption, the White House concluded that the price drops are not going to harm its goals to reduce greenhouse gas emissions.“On balance, the energy revolution lays the foundation for U.S. leadership in global efforts to address climate change and paves the way toward a low-carbon energy future,” the report said.

The White House used the report to celebrate various energy and environmental achievements, like a 50 percent cut in petroleum imports, record installation of renewable energy infrastructure like solar and wind power and reduced consumption of oil and coal.

It also touted the impact that lower energy prices have on households and businesses.

“Since 2006, natural gas prices have fallen well below crude oil prices on an energy-equivalent basis, providing a cheaper source of energy to consumers and businesses in the United States,” it said. “This price decrease has created widespread benefits and opportunities for the U.S. economy.”