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

Offshore Access

Untapped energy resources off America’s shores hold the promise of new tax revenue to help state and local governments meet their budget challenges.

For example, there is an estimated 3.8 billion barrels of oil and 37 cubic feet of natural gas that could be available by opening up the Atlantic coastline to exploration.  We have the ability to safely and reliably develop these valuable, untapped resources.

Results from a recent Wood Mackenzie study show that greater access to domestic energy resources could generate an additional $36 billion in government revenue by 2015 — and nearly $803 billion by 2030.  These revenues would go to fund police, fire, schools, roads, environmental preservation efforts and other services for citizens. 

If revenue sharing is permitted in some coastal states, these states could begin accruing benefits soon after a lease sale for the development area is held.  For example, states participating in revenue sharing in the Gulf of Mexico, as authorized by Congress, received more than $27 million in the first three years of the program. 

This would be a major benefit during these difficult economic times to fund critical services for the taxpayers of these coastal regions.

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