Palmetto Policy Forum Offshore Energy Report Touts SC Offshore Potential
The Palmetto Policy Forum released a report on September 17 touting the huge potential of oil and gas development for South Carolina.
Key Report Findings Include:
- At peak peak production in 2035, capital investment could reach $2.7 billion annually with up to nearly 46,000
new jobs - Lease and royalty payments to the state could exceed $1 billion dollars in 2035 with $163 million
generated in state and local taxes. - Accounting for the cost of carbon impacts and the unlikely event of a spill, the ratio of benefits to costs is
2:1. - As home to major manufacturers like BMW, Honda, Daimler, Boeing, Bosch and others, the structure of
South Carolina’s economy is likely to foster the development of oilfield equipment manufacturing as well
as other supplies for the energy industry. South Carolina’s manufacturing workforce would also be an
attractive factor in decisions to build or expand this manufacturing capacity within the state. - South Carolina has two major ports that would likely play a prominent role in offshore oil and gas
production. Using the multipliers for economic impacts on ports implies that offshore oil and gas
development would create more than 1,174 jobs for the Georgetown and Charleston ports in 2035 under
the high production scenario. Additional employment would be created as these ports invest in new
capacity and handle larger volumes of equipment and materials for an offshore oil and gas industry.
