Despite increasing calls to reduce the U.S. dependence on imported oil and record high prices for gasoline, diesel and natural gas, access to over 80% of the Outer Continental Shelf (OCS) is restricted. In the United States, an estimated 40 billion barrels of technically recoverable oil resources are either completely off-limits or are subject to significant lease restrictions. These resources are evenly split between onshore and offshore locations, as shown in the figure below. Similar restrictions apply to more than 250 trillion cubic feet of natural gas.
The Eastern Coast of the United States alone contains over 37 trillion cubic feet of clean burning natural gas capable of heating homes, providing electricity to families and contributing to affordable and reliable feedstock for Southeastern manufacturers.
Energy companies have made significant strides in developing less intrusive and environmentally safe operating practices and technology that can be utilized to develop these critical national energy resources.
The Southeast Energy Alliance supports the following:
- Conducting a Southeast regional basin-oriented resource and market assessment to identify opportunities for increasing oil and natural gas supply to member states of the Southeast Energy Alliance;
- Enactment of federal legislation to allow Virginia, North Carolina, South Carolina and Georgia to opt out of federal offshore moratoria and receive a 37.5% share of the royalty revenues generated by production in their adjacent waters; and
- Increased use of technology and operational advancements to allow environmentally responsible development of high potential offshore areas that are currently restricted by moratoria or access restrictions.
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