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 by adding $12.4 billion to the gross state product.  Imagine how much more it woulod be 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 56,000 additional jobs in North Carolina and generate $500 million in new revenue for the our state government. 

This is revenue that could fund critical services for North Carolinians, in particular for schools, roads, and environmental preservations efforts.

The industry current supports more than $1 trillion in total value added to the nation's economy, representing 7.1 percent of U.S. GDP.   It also pays the federal government tens of millions of dollars a day ($30 billion annual) in rents, royalties, and lease payments for production access.