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 Statement on the Appointment of Brian Steed as Director of the Bureau of Land Management

    Chairman Rob Bishop (R-UT) issued the following statement in reaction to the appointment of Brian Steed as Acting Director of the Bureau of Land Management (BLM): “Brian Steed has the expertise to hel...... Read more

    Financial Controls Over Federal Assistance Dominates Hearing on Hurricane Recovery in U.S. Territories

    Today, the Full Committee held an oversight hearing on “The Need for Transparent Financial Accountability in Territories' Disaster Recovery Efforts." The panel reviewed the financial needs of both Pue...... Read more

    Committee Passes Bipartisan SECURE American Energy Act

    Today, the House Committee on Natural Resources passed H.R. 4239, the “Strengthening the Economy with Critical Untapped Resources to Expand American Energy Act” or “SECURE American Energy Act.” The bi...... Read more

    View All News

    Calendar

    Oversight Hearing, "Modernizing NEPA for the 21st Century"
    Full Committee | 1324 Longworth House Office Building Washington D.C. 20515
    Legislative Hearing on Bill Streamlining Water Projects
    Water, Power and Oceans | 1324 Longworth House Office Building Washington D.C. 20515
    Legislative Hearing on Geothermal Exploration, 3 Other Bills
    Energy and Mineral Resources | 1334 Longworth House Office Building Washington D.C. 20515
    View All Events