Energy Tomorrow Blog
Posted November 19, 2018
As we wait for the Trump administration to unveil the next federal offshore leasing program, which will guide offshore natural gas and oil development the next five years, new studies affirm what we’ve been saying about the economic boost outer continental shelf (OCS) leasing could give to coastal states – in the form of cumulative tax revenues over a 20-year forecast period. …
Individually, each state is looking the potential for big numbers and big benefits across the entire state. They follow studies earlier this year finding that through offshore leasing these states together could see billions in projected industry spending and the creation of hundreds of thousands of jobs.
Posted March 23, 2018
Safely tapping America’s offshore natural gas and oil reserves could provide billions of dollars for the economies of coastal states – a big reason why the needs and voices across entire states, not just their coastal areas, must be considered in the offshore energy conversation.
For example, federal revenue sharing could help transform state economies by sending billions in royalties, rentals and fees to state coffers. By putting revenue-sharing programs in place – like those already working for the states of Alabama, Louisiana, Mississippi and Texas – North and South Carolina, Virginia, Florida, Georgia and other states could benefit from offshore energy development.
Posted February 27, 2018
A fact-based conversation about America’s offshore strategy is critically important as policymakers make decisions that affect all Americans. Underscore the words “fact-based conversation.” While there’s passion associated with this issue, emotion can get in the way of sound policy – which is what we need for America’s energy and national security. Our vast offshore oil and natural gas potential has strategic, long-term importance and should be addressed accordingly with all voices, not just the loudest ones, heard.
Posted August 10, 2017
Posted September 8, 2016
Keeping offshore energy under wraps hinders U.S. security and blocks states like North Carolina from realizing the job and economic benefits that could come with safe development. North Carolinians recognize the potential benefits for their state as well as the nation, 64 percent of registered state voters saying they support offshore development.
Posted July 8, 2015
Today’s post continues our series highlighting the economic and jobs impact of energy in each of the 50 states. We started the series with Virginia. Yesterday we reviewed the benefits in Indiana. Today: North Carolina. The energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Posted June 8, 2015
David McGowan was named executive director of the North Carolina Petroleum Council in 2013. Previously, McGowan served as director of regulatory affairs for the North Carolina Association of Realtors. He is a graduate of the University of North Carolina. Below, he talks with Energy Tomorrow about the potential for energy development in North Carolina, as well as the challenges for industry in his state.
Q: What do North Carolinians think about the state’s onshore and offshore energy potential? Is it something people are aware of, and what do you believe they want most from industry as it develops that energy?
McGowan: An overwhelming bipartisan majority of North Carolinians support more domestic exploration and production for oil and natural gas resources, both onshore and offshore. According to a Harris poll in January, 91 percent of the state’s citizens believe that we should produce more energy here at home to strengthen our energy security. Furthermore, 90 percent believe that increased oil and natural gas production will lead to more jobs here in the state. North Carolinians also understand that our country and our state need oil and gas resources for our economy to grow. They understand that more domestic production increases global supplies, putting downward pressure on costs and benefiting consumers.
Finally, most people in the state understand that energy production and environmental stewardship are not mutually exclusive. They know that we can safely and responsibly develop our natural resources, create jobs and stimulate the economy – all the while ensuring that the health of our citizens and environment are protected.
Posted March 17, 2015
Reuters: Lifting a 40-year-old U.S. ban on crude exports would create a wide range of jobs in the oil drilling supply chain and broader economy even in states that produce little or no oil, according to a report released on Tuesday.
Some 394,000 to 859,000 U.S. jobs could be created annually from 2016 to 2030 by lifting the ban, according to the IHS report, titled: "Unleashing the Supply Chain: Assessing the Economic Impact of a U.S. crude oil free trade policy."
Only 10 percent of the jobs would be created in actual oil production, while 30 percent would come from the supply chain, and 60 percent would come from the broader economy, the report said. The supply chain jobs would be created in industries that support drilling, such as oil field trucks, construction, information technology and rail.
Posted February 17, 2015
The federal Bureau of Ocean Energy Management (BOEM) is scheduled to hold a public hearing today in Wilmington, N.C., on its draft five-year offshore oil and natural gas leasing program. According to a study by Quest Offshore Resources, developing oil and natural gas on the North Carolina outer continental shelf could bring significant benefits.
These include 55,000 jobs in the state by 2035 and nearly $4 billion in revenues for the state’s budget by 2035, with revenue sharing in place.
Posted January 14, 2015