Offshore oil and natural gas leasing in the U.S. Atlantic Outer Continental Shelf (OCS), the U.S. Pacific OCS and the Eastern Gulf of Mexico could create nearly 840,000 American jobs and raise more than $200 billion in revenue for the government, according to new studies released today.
An interactive map with state-by-state results for all three studies can be found at maps.api.org/offshore.
If the federal government begins holding lease sales in these regions in 2018, the three studies show that by 2035:
- Create nearly 840,000 new jobs along coasts and across the country.
- Add about 3.5 million barrels of oil equivalent per day to domestic energy production.
- Generate more than $200 billion in cumulative revenue for the government.
- Lead to nearly $450 billion in new private sector spending.
- Contribute more than $70 billion per year to the U.S. economy.
These areas today are almost entirely off-limits to offshore oil and gas development but could be included in the federal government’s next five-year leasing program.
“Extending U.S. offshore development will bolster the surge in energy production to reduce our dependency on foreign resources and positively affect the balance of trade,” said PESA President Leslie Beyer. “The U.S. energy industry is prepared to develop these resources responsibly, ensuring significant opportunity for job growth and economic development.”
All studies in this series were conducted by Quest Offshore Resources, Inc. at the request of API and the National Ocean Industries Association.