Energy Development Contributes $275B to the US Economy

Energy development on federal lands contributed $275 billion to the economy last fiscal year and created 1.5 million jobs, according to a report released Monday by the Interior Department.

The Interior Department claimed its activities contributed a total of $385 billion to the economy in fiscal 2011, with energy development comprising more than 71 percent of that amount.

Oil, gas and coal production were the biggest economic drivers for Interior's Bureau of Land Management, generating an estimated economic contribution of $119.6 billion last year and supporting 558,976 jobs, according to the report. Wind energy on federal lands added $100 million in economic activity, along with 688 jobs. On-site solar construction yielded $1.4 billion in economic activity to go with 6,747 jobs.

Interior generated another $41 billion in economic activity and 290,000 jobs last year through its use of water, timber and other resources, the report said.