At a time when many state and local governments — not to mention the federal government — are strapped for resources, revenues from oil and natural gas production have the opportunity to add much-needed funds to government coffers.
America’s oil and natural gas industry supplies tens of millions of dollars a day to the U.S. Treasury in the form of income taxes, rents, royalties and other fees. That adds up to more than $30 billion a year.
With pro-energy development policies it could produce $800 billion in additional cumulative revenue to the government by 2030.
Expanded exploriation and development of America's offshore energy resources in the Atlantic and the Gulf of Mexico have the opportunity to add 840,000 jobs and $200 billion in new government revenue.
But this much-needed new government revenue can only materialize if we have smart energy policies that encourage growth, exploration, and development.
America has surged to become a global energy leaders, and that status has the opportunity to generate the kind of government revenue needed to help solve some of the most troubling challenges to government budgets.