Promoting new energy supplies could create 18-mil jobs by 2020

Promoting new energy supplies could create 18-mil jobs by 2020

Washington (Platts)--13Jun2005


Promoting development of new energy supplies now would create 18-mil jobs
between 2010 and 2020, according to a study released Monday by the National
Assn of Manufacturers, the Manufacturing Institute and the American Council
for Capital Formation. 

The study also said 2-mil jobs would be lost if the US Senate does not support
the energy bill. The report added that high natural gas and gasoline prices
are "crippling job creation and economic growth at a time of unprecedented
global competition in the manufacturing sector" and noted that by promoting
energy development, the real gross domestic production growth would average
3.1% a year between 2010 and 2020. Manufacturing output would grow 3% per year
and business fixed investment would increase by an annual rate of 6.3%. Of the
18-mil new jobs, the study asserts 13-mil would be in the manufacturing sector
and industrial production would increase by 3.5% per year. If energy supplies
continue to be restricted, manufacturers would pay 57% more for gas in 2010
and 39% more for electricity, the report said.

This story was originally published in Platts Global Alert 
http://globalalert.platts.com

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