Offshore Oil Rig

A US House Natural Resources Committee subcommittee heard more support for offshore than onshore policy reform proposals at a Nov. 7 hearing as two of the four witnesses differed on whether to transfer federal onshore oil and gas responsibilities to agencies in producing states. Two others who testified before the Energy and Minerals Subcommittee called for expanded federal offshore leasing beyond the central and western Gulf of Mexico.

Consumer Energy Alliance President David Holt expressed optimism at the committee hearings, pointing to the significant economic impact that energy development projects have.

“With 94% of federal waters currently inaccessible, expanding opportunities to access these resources—in regions like the Gulf of Mexico, Alaska, and the Atlantic—would provide great benefits to these regions, generate significant economic impacts for families and small businesses across the US, and can be done safely. Nationally, expanded access to areas currently unavailable could create more than 893,000 jobs, $450 billion in new private-sector spending, $550 billion in increased economic activity nationwide, and more than $395 billion in increased government revenues.”

Read More – O&G Journal