December 5, 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.