Benefits of U.S. Offshore Oil and Natural Gas Development
Opening the U.S. Atlantic Outer Continental Shelf (OCS), the U.S. Pacific OCS and the Eastern Gulf of Mexico to offshore oil and natural gas exploration and production could have remarkable benefits for job creation, U.S. energy security, domestic investment, and revenue to the government. By 2035, this development could:
- Create nearly 840,000 new jobs along coasts and across the country.
- Add about 3.5 million barrels of oil equivalent per day to domestic energy production.
- Generate more than $200 billion in cumulative revenue for the government.
- Lead to nearly $450 billion in new private sector spending.
- Contribute more than $70 billion per year to the U.S. economy.
Today, 87 percent of all federally controlled offshore acreage – including almost all of these three regions – are off-limits to offshore oil and gas development. If included in the federal government’s next five-year leasing program and lease sales began in 2018, exploratory drilling could begin the following year with commercial production expected as early as 2023.
For complete information, see maps and documents for the three areas:
Also, an interactive map with state-by-state results for all three studies can be found at maps.api.org/offshore.