North Carolina Revenue
Increased North Carolina energy development would add billions in federal, state and local tax revenues.
The oil and natural gas industry is already helping North Carolina’s economy. It adds $12.4 billion to the gross state product, representing almost 3% percent of the state’s wealth. And this is to support oil and natural gas development outside of our state.
Imagine the billions in revenue our state would accrue if we actually started to develop the oil and natural gas in our own state.
North Carolina has rich stores of oil and natural gas in shale formations in the central and northern part of our state, and off the shores on our Outer Continental Shelf (OCS). However, due to federal policies and state regulations, we are currently not allowed to access these areas for energy development, stymying the potential revenue to our state.
Development of oil and natural gas in the Atlantic OCS could generate 280,000 new jobs along the East Coast and generate $51 billion in new revenue for the government.
Additionally, if revenue sharing is permitted in North Carolina, development would further boost funding to the state as well. Revenue generated from oil and natural gas development would be a major benefit during these difficult economic times to fund critical services for North Carolinians, in particular for schools, roads, environmental preservations efforts and other services for citizens.
The industry supports more than $1 trillion in total value added to the economy, representing 7.1 percent of U.S. GDP. It also pays the federal government tens of millions of dollars a day rents, royalties, and lease payments for production access.