Mr. REED. Mr. Chairman, I have an amendment made in order under the rule.
The Acting CHAIR. The Clerk will designate the amendment.
The text of the amendment is as follows:
Page 4, after line 10, insert the following:
SEC. __. GOVERNMENT ACCOUNTABILITY OFFICE STUDY.
(a) Study.--The Comptroller General of the United States shall conduct a study examining the economic benefits of domestic shale oil and gas production resulting from the process of hydraulic fracturing. This study will include identification of--
(1) State and Federal revenue generated as a result of shale gas production;
(2) jobs created both directly and indirectly as a result of shale oil and gas production; and
(3) an estimate of potential energy prices without domestic shale oil and gas production.
(b) Report.--The Comptroller General shall submit a report on the findings of such study to the Committee on Natural Resources of the House of Representatives within 30 days after completion of the study.
The Acting CHAIR. Pursuant to House Resolution 419, the gentleman from New York (Mr. Reed) and a Member opposed each will control 5 minutes.
The Chair recognizes the gentleman from New York.
MODIFICATION TO AMENDMENT NO. 3 OFFERED BY MR.
Mr. REED. Mr. Chairman, I ask unanimous consent that amendment No. 3 printed in part B of House Report 113-271 be modified by the form I have placed at the desk.
The Acting CHAIR. The Clerk will report the modification.
Mr. REED. Mr. Chairman, I have a straightforward amendment to H.R. 2728, which I am offering on a bipartisan basis with my colleague from California (Mr. Costa).
Our amendment will direct the Government Accountability Office to conduct a study on the number of jobs created from shale development in America. In addition, the study will look at the impact that shale production has had on energy prices and State and Federal revenues.
Mr. Chairman, this is a straightforward, simple amendment to quantify and document the economic benefits from shale development in America.
As I serve on the Natural Gas Caucus, as well as the Manufacturing Caucus, I can tell you that the development of natural gas in America has put us on a course to have a manufacturing rebirth and renaissance here in the United States. It is consistent with my philosophy that we need to build it here and sell it there, and this amendment will quantify on the Federal level the economic benefits that are associated with the development of this resource not only from the direct jobs of producing
the resource, but the indirect and secondary jobs in the United States manufacturing sector, as well as all the other jobs that would support the development of this resource that we have been blessed with here in America.
Mr. HASTINGS of Washington. I thank the gentleman for yielding.
I think this amendment will probably no doubt prove what we have been saying, that producing American energy will produce American jobs.
I think the gentleman's amendment adds to this legislation, and I am willing to accept that.
Mr. COSTA. Mr. Chairman, I want to thank my friend, the gentleman from New York and fellow cochair of the Natural Gas Caucus, Mr. Reed, for the time.
Places like the San Joaquin Valley, which I represent, are still struggling to create jobs in the wake of our Great Recession.
Energy production is a game changer not only in California, but around the country. These are exciting times with the findings in the Marcellus, the Barnett, the Bakkan, and the Monterey in California, which is estimated to be as large, if not larger, than the others that I mentioned.
Those who doubt the ability of States to regulate the oil and gas industry, I urge you to look at my home State of California which has put forth a long-term plan for responsible production of [Page: H7292]
natural gas that the Governor signed into law last month.
Many other States are taking their lead because we know one size doesn't fit all and, therefore, I think that is a preferred approach.
As all of us in the House are looking to determine what our next generation economy will look like, efforts like the amendment that we are proposing here, I believe, are critically important. The United States is on track to become the largest oil and gas producer in the world in the next few years. These are exciting times. The potential of the United States, Canada, and Mexico will far surpass the Middle East in the production of fossil fuels.
We should take advantage, therefore, of this opportunity, this dividend that will benefit our economy and also benefit the geopolitics of the world that we live in that is so dangerous. This shift from being importers of our energy to an international exporter will yield significant dividends for both our economy and global security. Our amendment will show that the economic opportunity cost of blocking or continuing to delay responsible--responsible--development of natural gas simply should
not be the case.
The fact is that this study is more about the numbers and the dollars and how we do it safely and telling this side of the story, the human side of the story.
I support the amendment.