Increasing access to domestic sources of oil and natural gas, including in North Carolina, is critical to putting our nation on the road to economic recovery and to meeting the energy needs of American consumers.
Greater access to domestic energy resources, using pro-energy policies, could generate $1 trillion in government revenue by 2035, support 2.3 million more jobs, and enhance America’s energy security by significantly boosting energy production.
- The Eastern Gulf of Mexico could hold 5.1 billion barrels of oil and 16 trillion cubic feet of natural gas. Providing asses here could support 230,000 jobs and add $18 billion to the economy.
- The Atlantic Outer Continental Shelf (OCS) could deliver 4.7 billion barrels of oil and 37 trillion cubic feet of natural gas, which by 2035 could generate 280,000 new jobs and generate $51 billion in new revenue for the government.
- Developing the 10 billion barrels of oil and 16 trillion cubic feet of gas in the Pacific OCS could support 330,000 jobs and add $28 billion to the economy.
In addition, there could be much more oil and natural gas than previously known in areas where industry has been unable to fully explore, and new technologies allow us to access resources previously thought unreachable.
For example, in the Bakken Formation of North Dakota and Montana, the U.S. Geological Survey now says 3 billion to 4 billion barrels of undiscovered oil are available – 25 times more than the original estimate made in 1995.
Americans need policies that will allow domestic companies to develop oil and natural gas resources here in the United States. With advances in technology and stringent standards and procedures based on decades of experience, the industry can safely and efficiently develop our domestic resources and create jobs, revenue and energy security for our nation.
The administration and Congress should listen to the American people, and create the energy policies our nation needs.
- America's Offshore Energy (website)