Florida stands to benefit more than any other state from oil and natural gas in the eastern Gulf of Mexico, says a new study released today by the American Petroleum Institute (API) and the National Ocean Industries Association (NOIA).
The NOIA/API joint study, named “Untapped Potential,” was produced by Quest Offshore Resources, Inc. It charted national and state-specific economic benefits on jobs, investment and government revenue.
According to “Untapped,” oil and natural gas production in the eastern Gulf could contribute significantly to Florida’s economy, with 85,000 jobs – 21,000direct and 66,000 indirect – and nearly $6.5 billion per year to the state GDP by 2035. Cumulative revenue from 2017 to 2035 could reach over $18.7 billion.