Atlantic off-shore drilling could boost economy by $23 billion

Fuel Fix, a blog of the Houston Chronicle reports that an industry study says that drilling for oil and gas on the Outer Continental Shelf off the east coast of the U.S. between 2017 and 2035 could:

Create nearly 280,000 new jobs along the East Coast and across the country.

Result in an additional $195 billion in new private investment.

Contribute up to $23.5 billion per year to the U.S. economy.

Add 1.3 million barrels of oil equivalent per day to domestic energy production.

Generate $51 billion in new revenue for the government.

“The Interior Department’s Bureau of Ocean Energy Management soon will begin the long process of developing a schedule for selling outer continental shelf drilling leases from Aug. 27, 2017 through mid-2022 – and the oil industry wants to make sure the Atlantic acreage isn’t left out.”

Although this area is technically open for exploration and development, the feds have not scheduled any leases, which is a necessary first step.  Leasing activity in the area has been inactive since the early 1980s.  The Obama administration withdrew a scheduled lease sale for the Mid-Atlantic area in 2011.

OCS-planning-area

The United States has recently experienced a boom in oil and gas production, but that has occurred almost exclusively on private and state lands. Federal land has been largely closed due to the policies of several administrations.

See also:

Open federal land to energy exploration and development to boost economy

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