A new study, released on Monday, has revealed that the American economy is in the danger of losing as much as $2.4 Trillion over the coming 20 years if the Federal Government refuses to approve the drilling for oil and natural gas in restricted onshore lands and in offshore regions that had previously been closed to energy firms.

Prepared for the National Association of Regulatory Utility Commissioners, the report also stressed that American imports of crude oil, petroleum products and natural gas would surge by $1.6 Trillion over the said period without any access to the energy resources.

Also, the report revealed that in all, the US would end up paying a total of $607 Billion to the Organization of the Petroleum Exporting Countries for an extra 4.1 billion barrels of crude.

"It's clear from this report that the status quo on energy production simply won't suffice. We encourage lawmakers to heed the results of this study and take a closer look at the energy-rich areas in our country that are currently off limits", said David Parker, President of the American Gas Association.