The final report from an independent study conducted by global research organization IHS was released yesterday. It confirms that a robust return of oil and gas drilling in the Gulf would benefit America’s economy and energy security.
According to the study, “Restarting “the Engine” – Securing American Jobs, Investment and Energy Security,” an increased pace of federal permitting for offshore energy activity that more closely matches industry’s ability to explore and produce in the Gulf would provide much-needed jobs and significant tax revenues, and reduce our nation’s dependence on foreign oil.
A more proactive permitting process at BOEMRE would result in 230,000 new or retained American jobs, more than $44 billion in US GDP, nearly $12 billion in tax and royalty revenues, and a reduction of $15 billion in America’s bill for imported oil, all in 2012 alone. One third of jobs created would be outside of the Gulf region, in states like California, Illinois and New York. These results demonstrate that Gulf of Mexico energy activity is a national economic driver.
“Now, more than ever, America deserves the dependable source of domestic oil and gas provided by the Gulf of Mexico, and Americans deserve the economic stimulus provided by the offshore energy industry,” says Gulf Economic Survival Team (GEST) Executive Director Lori LeBlanc. “Clearly, now is the time to get back to work with American Energy.”
Armed with this final report, GEST will continue its efforts on Capitol Hill and through other national organizations to advocate for an increased pace of permitting for oil and gas activity in the Gulf.