U.S. Chamber Supports "No Cost" Stimulus Plan

It's Time to Leverage Our Nation's Energy Resources to Create Jobs and Increase GDP

WASHINGTON, DC—As lawmakers begin considering a second stimulus package, the U.S. Chamber of Commerce today outlined its support for the "No Cost Stimulus Act of 2009." These bills, introduced today in both the House and Senate, offer a path out of the current economic crisis by utilizing our nation's vast energy resources that have been put off limits for decades.

"This is a plan to tap our nation's energy resources to help us out of this recession without digging the federal deficit into a deeper hole," said Bill Kovacs, the U.S. Chamber's vice president of Energy, Environment and Regulatory Affairs.

Because the world will be running on oil for decades to come and for every barrel of U.S. oil the government receives $18 in royalty payments, these reserves will generate $1.6 trillion for the government. More importantly, it will create 1.2 million well-paying jobs and $8.2 trillion in new GDP over the next 30 years.

"This bill is the first serious attempt by Congress to explain to the American public that we can create wealth and reduce our imports of oil by utilizing the natural resources in the Outer Continental Shelf," Kovacs said. This plan is championed by Senators David Vitter (R-LA), James Inhofe (R-OK), Michael Enzi (R-WY), Congressmen John Shadegg (R-AZ) and Rob Bishop (R-UT).

"We need to begin generating wealth, and stop borrowing from our children," he said. "This bill does just that while also enhancing our energy security."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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