Home > blog > Page
NEW Study Shows Job & Economic Surge from Increased Offshore Energy Production
Posted by Committee Press Office on December 05, 2013

A new study released today shows that increasing America’s offshore energy production in the mid and south Atlantic will create hundreds of thousands of new jobs and drastically grow America’s economy.

“Today’s study further confirms that increased offshore energy production will create American jobs, spur economic growth, lower energy prices, and bring in much-needed tax revenue to local and state governments as well as the federal government,” said House Natural Resources Committee Chairman Doc Hastings. “Unfortunately the Obama Administration continues to actively deny these benefits by blocking new offshore energy production wherever and whenever possible. For example, Virginia lease sale 220 was supposed to take place two years ago, but it was postponed and then canceled by the Obama Administration. The earliest it can now happen is 2017, though delays in allowing seismic permitting call even that date into question. As this study shows, the Commonwealth of Virginia is now missing out on the creation of 25,000 jobs because of the President’s actions.”

The House has passed bipartisan legislation, the Offshore Energy and Jobs Act (H.R. 2231), which would open new offshore areas containing the most oil and natural gas resources. It now awaits action by the Senate.

Highlights of the study:

  • By 2035, 280,000 direct and indirect jobs would be created if Atlantic OCS energy development is allowed.

  • Opening up the Atlantic OCS for energy production will contribute up to $24 billion per year to the U.S. economy and generate $51 billion in cumulative federal & state government revenues.

  • Total current offshore oil and natural gas production in federal waters represents only 9 percent of U.S. production.

    Post a Comment
    Fill out the fields below to submit a comment

    Latest News

    Bishop: FWS Mimics EPA Tactics in Expansive Critical Habitat Proposal

    Today, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service announced the finalization of a new policy for defining and designating critical habitat under the Endangered Specie...... Read more

    Committee Advances Bipartisan “National 9/11 Memorial at the World Trade Center Act”

    Today, the Committee on Natural Resources passed H.R. 3036 (Rep. Tom MacArthur, R-NJ), the “National 9/11 Memorial at the World Trade Center Act,” legislation designating the National September 11 Mem...... Read more

    New York Times: How Free Electricity Helped Dig $9 Billion Hole in Puerto Rico

    To understand how Puerto Rico’s power authority has piled up $9 billion in debt, one need only visit this bustling city on the northwest coast. Twenty years ago, it was just another town with dwindlin...... Read more

    View All News

    Calendar

    The Costly Impacts of Predation and Conflicting Federal Statutes on Native and Endangered Fish Species
    Subcommittee on Water, Power and Oceans | 1334 Longworth House Office Building, Washington, D.C. 20515
    Legislative Hearing on H.R. 87, H.R. 295, H.R. 1621 and H.R. 2817
    Subcommittee on Federal Lands | 1324 Longworth House Office Building, Washington, D.C. 20515
    View All Events