New Study Shows Coastal Energy Could Create 25,000 Jobs in VA
Washington, Dec 6
New Study Shows Coastal Energy Could Create 25,000 Jobs in Virginia
Energy development could generate billions of dollars in revenue for local schools and transportation projects
Washington, DC - A new study shows that opening the Atlantic Outer Continental Shelf (OCS) to offshore oil and natural gas development could create 25,000 jobs for Virginia and generate billions of dollars in revenues for local schools and roads. The report, released yesterday by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API), represents an increase of 7,000 jobs since the last estimate was released in 2011.
“This news highlights the enormous benefits that Virginia families and small businesses would experience if only the federal government would allow offshore energy development in the Atlantic,” said Representative Scott Rigell (VA-02), who has long been a proponent of harvesting offshore energy. "The only thing standing in the way of these jobs is the President and his Administration.”
“There is bipartisan support in Virginia to move forward to reap the benefits outlined in this report. These numbers are further proof of the potential economic benefits that await action by a government moving far too slowly,” Representative Rob Wittman (VA-01) said. “Individuals and families in Virginia, along with the entire Commonwealth, stand to benefit greatly from the exploration of our own natural resources. This development can happen swiftly and safely; I hope the Administration not only reads this report with interest but also stops standing in the way of progress and benefits for Virginians and our nation, hungry for a stronger energy policy.”
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 nationwide, in addition to any jobs and revenue generated by offshore wind or wave energy projects that might take place. Offshore energy exploration could spur an additional $195 billion in new private investment, contribute up to $24 billion per year to the U.S. economy, and generate $51 billion in new revenue for the government. The study further indicates that coastal energy development could add 1.3 million barrels of oil equivalent per day to domestic energy production, between 2017 and 2035.
Read the full report here.