- The 4.4 trillion cubic feet produced annually from Central and Western Gulf of Mexico waters is enough natural gas to meet more than 80 percent of the electric industry’s consumption of natural gas.
- The Minerals Management Service (MMS) has called deepwater oil and natural gas development in the Gulf of Mexico “a workhorse for U.S. domestic oil and gas production.” According to MMS, offshore deepwater oil production rose 535 percent between 1995 and 2002 and deepwater natural gas production rose 620 percent during those same years.
- Undeveloped resources in federal deep water is estimated at 420 trillion cubic feet of natural gas and almost 86 billion barrels of oil. For perspective, that is equivalent to three times the oil resources of Canada and Mexico combined and almost six times the natural gas resources of these two countries.
- According to conservative estimates from MMS, there are about 288 trillion cubic feet of natural gas and 59 billion barrels of oil yet to be discovered on the OCS off the lower 48 states (NOT including Alaska).
- This is enough oil to maintain current oil production for 105 years and current natural gas production for 71 years.
- That is enough oil to produce gasoline for 132 million cars and heating oil for 54 million homes for 15 years.
- That is enough natural gas to heat 72 million homes for 60 years, OR to supply current industrial and commercial needs for 28 years OR to supply current electricity generating needs for 53 years.
Source: U.S. Minerals Management Service
See also: