U.S. Sens. Mark Warner (D-VA) and Tim Kaine (D-VA) today cosponsored the introduction of The Virginia Outer Continental Shelf Energy Pr... Read More
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.