For Immediate Release: Thursday, June 27, 2024
NOIA Contact: jwilliams@nullnoia.org

Washington, D.C. – As the nation prepares to tune in for tonight's presidential debate, we urge both candidates to recognize and support the pivotal role of domestic offshore energy production. Our industry, encompassing oil and gas, offshore wind, carbon capture and storage (CCS), and other emerging energy segments, stands as a non-partisan pillar of our national economy and security.

National Ocean Industries Association (NOIA) President Erik Milito said:

“As the presidential candidates debate our nation’s future, it’s crucial they acknowledge the indispensable role of domestic offshore energy production. This sector creates thousands of high-paying jobs, drives significant investments, and enhances national security through energy independence. Federal energy policy should support an all-of-the-above energy approach that ensures the availability of affordable energy for all Americans, while continuously driving down emissions.

“Americans of all walks of life depend upon the availability of all sources of energy, including oil and gas, wind, and critical minerals, among others. The Gulf of Mexico, in particular, is vital for our energy supply chain and has a lower carbon footprint thanks to advanced technology, world-class projects, and leading environmental standards. Offshore wind projects are also moving forward and are already proving to be a significant source of jobs and investments nationally.

“Offshore energy production supports economic growth, environmental stewardship, and energy security, benefiting every American.

“The energy production we rely on today is the result of smart policy decisions made years ago. This is not just an industry issue; it’s an American issue that lifts every citizen by securing our energy future. Our offshore industry is a testament to what can be achieved with the right policies in place. We need leadership that understands and supports this critical sector and enacts policies that increase American energy production at every possible juncture.”

• Energy Security: The global need for energy is only increasing and offshore energy production provides a stable and reliable source of energy, enhancing national security by reducing dependence on volatile global markets and from adversarial nations such as Russia.
• Price Stability: Offshore energy development helps reduce the risk of inflationary energy price impacts by providing a stable source of energy production with projects that can produce a massive amount of energy for decades.
• Environmental Stewardship: American offshore energy production is governed by advanced technology and stringent environmental regulations, resulting in a lower carbon footprint. The U.S. Gulf of Mexico has a carbon intensity 46% lower than the global average outside of the U.S. and Canada, outperforming other nations like Russia and China.
• Economic Impact: Offshore energy production creates thousands of high-paying and accessible jobs and drives significant investments into local communities.
• Revenue Sharing and Conservation: Revenue from offshore production supports coastal conservation and restoration projects, benefiting both the environment and the economy. There is bipartisan support to expand and reform revenue sharing to include offshore wind.
• Renewable Energy Integration: Offshore wind energy is crucial for achieving climate goals and complements traditional energy sources. Furthermore, while the power generated from offshore wind projects may be local, the economic significance, including the supply chain, has a national footprint. States like Louisiana, Texas, North Carolina, and Florida have already realized jobs and investments from supporting offshore wind projects. Furthermore, there is a pipeline of more than $4 billion in proposed additional investments to ports, manufacturing, vessels, workforce development, and research.
• Future Energy Potential: Emerging energy segments like offshore carbon capture and storage (CCS) and hydrogen production highlight the sector's dynamic nature and its capacity to address societal challenges. The first federal offshore CCS regulations are nearly two years late and urgent action is needed to ensure that America is able to utilize CCS technologies, which, according to the IEA, are needed to “achieve deep carbon dioxide emissions reductions.”