New Economic Studies on Offshore Energy Development
In 2017, API commissioned a series of regional economic studies by Calash and Northern Economics to provide independent evaluations of the potential impacts of the development of America’s offshore oil and natural gas resources in the OCS, if the current restrictions were lifted.
Ultimately, the studies confirmed that opening the currently restricted OCS areas could increase economic benefits not only specifically to the coastal regions near offshore development, but also nationally as well. This could bring increased jobs, investments in coastal communities, and strengthened U.S. energy and national security.
Offshore oil and natural gas operations are safer today than ever before. Advanced technology, safety standards, best practices, and regulations are designed to protect the environment, marine life, and workers - while enabling us to work alongside recreational fishing, tourism, and military activities. Since 2010, more than 100 standards were created or strengthened, including for improved safety and environmental management, well-design, blowout prevention, and spill response to ensure we have the best protections and highest safety measures in place.