Increased American offshore energy development would add billions in federal, state and local tax revenues.
Here’s how the oil and natural gas industry is already contributing to the American economy:
Furthermore, it is estimated that increased access to U.S. oil and natural gas resources currently off-limits — much of which lie offshore — could generate an additional $36 billion in government revenue by 2015 and nearly $803 billion by 2030 (Source: Wood Mackenzie: U.S. Supply Forecast & Potential Jobs & Economic Impacts).
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.