With an estimated ~45 billion barrels and ~130 trillion cubic feet of undiscovered oil and natural gas in areas currently open, the Gulf of Mexico supplies nearly 20% of the nation’s crude oil production. In addition, existing Gulf development provides significant economic benefits to the Gulf Coast states. In FY 2014 alone, Gulf of Mexico activity supported 651,000 jobs, over $64 billion in GDP, and $7 billion in government revenue.
The Gulf of Mexico is an energy workhorse and economic powerhouse for the nation. Its continued and expanded development is critical to securing the nation’s long-term energy, economic, and national security.
Learn more about the energy that lies off the Gulf coast, how expanded development could further enhance our economy and our national security, and take action to urge Washington to maintain and expand access to the Gulf.
Tell Washington to Open the Gulf Today!
Continued and expanded access to all areas of the Gulf of Mexico will increase these economic gains for Gulf Coast residents and ensure that the Gulf Coast continues to supply American consumers across the country with reliable crude oil, petroleum, products and natural gas.
– Richard A. ‘Tony’ Bennett, President, Texas Association of Manufacturers (SOURCE)
OVERALL BENEFITS FROM OPENING UP EASTERN GULF OF MEXICO TO DEVELOPMENT
STATE-SPECIFIC BENEFITS OF EASTERN GULF OF MEXICO DEVELOPMENT
The U.S. Interior Dept. found that not including the Gulf of Mexico in the 2017-2022 oil and natural gas leasing program would force the U.S. to rely on imports to replace nearly 60% of the foregone production, with environmental and social costs of up to ~$13 billion.
In addition, opening up the Eastern Gulf could add nearly 1 million barrels of oil equivalent per day to our domestic energy supply, which would reduce our dependence on imports from the Persian Gulf by 65%.
I would rather us — with all the safeguards and standards that we have — be producing our oil and gas, rather than importing it, which is bad for our people, but is also potentially purchased from places that have much lower environmental standards than we do…
– President Barack Obama (SOURCE)
Now is the time to speak up for developing our resources in the Gulf of Mexico.
Families and businesses across the United States, especially individuals on fixed and low income and small businesses, depend on affordable, reliable energy to make ends meet and support their families and employees. Furthermore, increasing opportunities to develop our own resources here at home will provide economic growth that will help our children and grandchildren.
Studies have shown that expanded development could support more than 560,000 jobs and over $314 billion in cumulative government revenue. At the same time, by developing energy here in America under our stringent regulatory standards, we will help safeguard our environment.
To meet America’s growing and long-term energy needs, it is vital to keep significant offshore opportunities in place.