AMERICA’S ENERGY FORUM Bringing experts and verifiable facts to the energy discussion

Local Economic Benefit

The economic downturn has left most state and local governments with major budget holes that need to be filled.  Increasing offshore energy exploration and production is one way to generate new tax revenue that can help these governmental bodies meet these budget challenges.

Tapping America's rich stores of oil and natural gas is a proven, reliable way to create new jobs, strengthen our nation's energy and national security, and boost America’s economy. 

New jobs means new tax revenue.  In fact, a recent study found that increased energy production generate an additional $36 billion in government revenue by 2015 — and nearly $803 billion by 2030.

Furthermore, America's energy industry already supports more than 9.2 million U.S. jobs, including 2.1 million workers directly employed to explore, produce, refine, transport and market the oil and gas.  It is estimated that that greater access to domestic energy resources could could create more than 690,000 new jobs by 2025.

More offshore energy development will lead to more local jobs which, in addition to the new tax revenue it provides to local and state governments, will provide additional benefits to these and other sectors of the economy:

• Increased tax revenues to help refill federal, state and local government coffers;
• A stable, reliable energy source for local governments to heat and cool buildings, fuel their auto and truck fleets, and power local public works projects;
• Local jobs directly generated to explore and develop the energy;
• Indirect jobs and businesses that will support the industry (i.e. housing, restaurants, etc.);
• More affordable energy for local businesses, constituents and homeowners;
• Energy produced here in North America — instead of purchased from foreign sources who may not share our best interests;
• American-made goods and services utilized in the exploration process;

Increased domestic offshore energy production will mean long-term, sustainable economic growth that actually helps increase local revenues — rather than drain them.

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Why wouldn't we produce more energy here in America? Plenty of folks are talking about the need to create jobs. It's sitting right here under our noses. Produce energy here at home -- and we'll create more jobs here at home.

Posted on August 8, 2011