Unlocking America's Offshore Energy
America must pursue smart energy policy in order to continue as a global energy superpower. The U.S. Outer Continental Shelf (OCS) is estimated to contain vast undiscovered oil and natural gas resources. Unfortunately, the federal government has placed most of the OCS off-limits to energy exploration and development.
- The Bureau of Ocean Energy Management (BOEM) estimates that 89.9 billion barrels of oil and 327.5 trillion cubic feet of gas have yet to be discovered on the U.S. OCS.
- Unfortunately, some of BOEM’s estimates are 30 years old, and BOEM unexplicably denied permits to use of state-of-the-art seismic surveying technology in largely unexplored areas of the Atlantic OCS.
- Developing these oil and natural gas resources will be vital to achieving energy security, growing our economy, and reducing government deficits.
- Studies by Quest Offshore Resources, Inc. show that offshore oil and natural gas leasing in the Atlantic OCS,
Pacific OCS and Eastern Gulf of Mexico could, by 2035:
- Create nearly 840,000 American jobs
- Raise more than $200 billion in revenue for the government
- Increase U.S. energy production by 3.5 million barrels of oil equivalent per day
Even more jobs, energy and government revenue could be generated through greater development of oil and natural gas offshore Alaska, but president Obama placed much of the Alaska OCS under presidential moratorium before he left office.
- With over 65 years of experience operating in the Outer Continental Shelf, the oil and natural gas industry has a strong safety record, despite a work environment that often involves heavy equipment, hazardous materials, high temperatures and high pressures. Safety is our top priority, and we are constantly improving the technologies, standards and best practices, and programs that protect our workers and our environment.