White House Report Highlights Economic Benefits of Expanding Oil and Gas Production

The White House Council of Economic Advisers has released a report emphasizing the potential economic benefits of increasing oil and gas production, which could boost U.S. GDP by nearly 2% by 2035. Titled "The Economic Benefits of Unleashing American Energy," the report advocates for measures to accelerate energy sector growth, including the construction of gas pipelines, preventing coal plant retirements, expediting permits for oil and gas projects, and increasing liquefied natural gas exports.
The report highlights provisions in the One Big Beautiful Bill Act to expand lease sales, lower lease royalties, and eliminate wind and solar tax credits. It argues that these policies could raise GDP by 1.9% over the next decade, while also addressing the energy demands of artificial intelligence and other energy-intensive industries.
However, critics warn that restricting wind and solar energy could lead to higher electricity prices, potentially offsetting the benefits of increased fossil fuel production. The report underscores the underutilized energy potential of public lands and calls for greater utilization of these resources to drive economic growth.

Published: 7/18/2025