A recent Penn Live op-ed written by a group of business and manufacturing leaders in Pennsylvania – specifically the Pennsylvania Chamber of Business and Industry, Marcellus Shale Coalition, and Pennsylvania Manufacturers’ Association – highlighted the incredible opportunity Pennsylvania’s energy resources provide though they warn of its spoil by anti-infrastructure movements in Pennsylvania and across the United States.
‘Forge the Future’ an economic study by consulting behemoth McKinsey & Co. determined Pennsylvania to be poised to create some 100,000 new jobs and $60 billion in GDP through energy-sector investment in the next decade. Those concerned with broader support of energy projects should consider a survey by Harris Polling that found 78% of Americans back energy development and modernization.
With national support and monumental prosperity available Pennsylvania must make the most of the opportunity though misguided barriers remain in place.
Higher energy taxes are continually proposed and contemplated in Harrisburg but politicians seem to forget that the tax incidence is passed along to consumers. Taxing consumers or energy producers will discourage investment in Pennsylvania.
Tactics outside of legislation are equally popular. Estimates from the U.S. Chamber of Commerce report the ‘Keep It in the Ground’ movement have cost the nation some 728,000 jobs, $20 billion in tax revenue, and $90 billion in economic activity by protesting and interfering with energy projects.
The op-ed authors frame the situation properly calling these trends ‘troubling’ and asking for their dismissal. The Pennsylvania Energy Infrastructure Alliance sees things similarly. To ensure generational prosperity in Pennsylvania barriers to the energy sector – including unnecessary taxation and activism – have to go.