December 06, 2013
Study Shows that Developing Atlantic Offshore Oil and Natural Gas Could Spur 280,000 New Jobs and Add $Billions to the Economy and Government by 2035.
A new study released by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) shows that opening the U.S. Atlantic Outer Continental Shelf (OCS) to offshore oil and natural gas development could have remarkable benefits for job creation, domestic investment, revenue to the government, and U.S. energy security. The study, conducted by Quest Offshore Inc., shows that offshore oil and natural gas development in the Atlantic OCS could create nearly 280,000 jobs, spur an additional $195 billion in new private investment, contribute up to $24 billion per year to the U.S. economy, generate $51 billion in new revenue for the government, and add 1.3 million barrels of oil equivalent per day to domestic energy production, between 2017 and 2035. These jobs are in addition to any jobs and revenue generated by offshore wind or wave energy projects that might take place.