New Study: Greater Offshore Energy Development Offers Job Creation and Economic Growth
A new report commissioned by National Ocean Industries Association and the American Petroleum Institute highlights the benefits of expanding access to offshore energy exploration and production. The first of a series of reports on the United States’ offshore energy potential, the study released today projects offshore development along the Atlantic coast and the effects of this development on the economy, job creation, and government revenues.
The Atlantic outer continental shelf has been closed for business as a result of President Obama’s offshore energy plan, which blocks 85 percent of America’s offshore areas from production. The figures in the report – 280,000 jobs, $24 billion in annual economic growth, $51 billion in government revenue, and 1.3 million barrels per day of American oil and natural gas production – underscore the vast benefits of opening access to the Atlantic’s offshore resources and the opportunities forgone by the president’s plan.
The study concluded, “Allowing access to the Atlantic OCS for oil and natural gas exploration and production activities would increase employment, economic activity, and government revenues over the long-term with comparatively little additional spending required by federal and state governments. The nation as a whole, but especially the Atlantic coast states would likely see large employment increases, increased economic activity and increased government revenue as well as increased domestic oil and natural gas production, increasing the nation’s energy security.”
“Americans have endured nearly five years of President Obama’s failed domestic energy plan and today’s report confirms what Louisiana families already know – expanded American energy production will create jobs and jumpstart our economy,” said Energy and Power Subcommittee Vice Chairman Steve Scalise (R-LA). “The next frontier in America’s energy renaissance is sitting right off our coast, and will create hundreds of thousands of middle-class jobs, while generating billions in new federal revenue to reduce our deficit. The benefits are clear. It’s time for President Obama to get off the sidelines and work with us on a true bipartisan ‘all-of-the-above’ energy strategy that empowers American families and reduces our dependence on Middle Eastern oil.”
To read the full report, click HERE.