Policies of the federal government have placed much of the coastal Outer Continental Shelf (OCS) off limits to oil and natural gas production. 94% of the U.S. OCS is currently off limits to oil and natural gas production.
The Energy Information Administration predicts that by 2040, world energy demand will increase by 28%. U.S. consumption of energy is predicted to increase by 12%. The promise is the tremendous potential of vast ocean areas and the lands beneath that are expected to hold approximately 45 billion of barrels of oil and 185 trillion cubic feet of natural gas. The U.S. offshore can, and should, be a part of the solution to meeting the US and world energy needs.
Offshore oil and natural gas operations have a long history of environmentally sensitive and safe performance; and Offshore development of oil and natural gas has provided needed supplies of American energy, generated substantial local, state and federal revenues and created thousands of jobs and economic development. Increased access to the U.S. OCS could support 729,000 new jobs, generate $538 billion in new private sector spending and generate $650 billion to the U.S. economy.
Following are Fact Sheets based on the March 2018 studies by Calash on the economic benefits of opening up the U.S. OCS to oil and natural gas exploration and production.