Offshore energy development is a massive public works project — but one that will replenish, rather than drain, the coffers of state and local governments. It will require hundreds of thousands of American workers, and produce billions in new tax revenue for America, as well as state and local governments.
According to a recent Gallup Poll, energy-producing states are among the best in job creation. More jobs means more tax revenue and less of a strain on already-stretched government budgets.
The oil and natural gas industry already supports more than 9.8 million American jobs — and by increasing offshore energy production our policymakers can help generate more jobs that will live inside of states and localities where economic recovery is actually realized:
According to a recent Wood Mackenzie study, the oil and natural gas industry could create 1 million new jobs within the next seven years through responsible development of America’s oil and natural gas resources. And by 2030, that number could reach 1.4 million. The study also breaks down the potential job impact by state.
Increasing access to our offshore energy resources can be a key to spurring local job growth that will help state and local governments meet their growing budget challenges.