Obama Administration Ignores Economic Benefits of Offshore Drilling | Drill Here, Drill Now, Pay Less | American Solutions

What makes the Obama administration’s foot dragging on offshore drilling so dispiriting is that the President is throwing away a golden opportunity over the next three decades to create millions of new jobs and generate more than $270 billion in annual economic growth from new oil and gas development, including $54 billion annually in federal tax receipts that could help lower the federal deficit and the national debt.

These extraordinary benefits of job creation and economic growth — all without requiring any federal spending — are, sadly, not on President Obama’s agenda, notwithstanding all the phony rhetoric to the contrary.

See the table below for the direct economic benefits of offshore drilling in your state.

STATE JOBS CREATED* INITIAL NEW REVENUE** LONG-TERM NEW REVENUE***

Alabama 770 $1,724,602 $16,680,387

Alaska 167,338 $292,350,437 $4,351,540,140

California 293,185 $1,124,647,452 $7,492,016,775

Connecticut 7,970 $21,277,637 $208,798,395

Delaware 2,357 $4,917,624 $47,396,270

Florida 225,093 $242,593,625 $2,669,642,414

Georgia 3,678 $6,695,593 $65,711,876

Illinois

1,053 $239,358,200 $34,769,027

Louisiana

11,054 $800,640,249 $260,471,830

Maine 24,207 $66,933,111 $656,817,596

Maryland 7,236 $9,715,833 $93,641,613

Massachusetts 12,715 $38,754,772 $380,302,298

Mississippi 631 $1,757,434 $16,997,939

New Hampshire

1,380 $2,458,707 $24,127,406

New Jersey

12,204 $217,425,477 $353,004,224

New York

6,776 $33,179,832 $325,595,168

North Carolina

30,979 $71,769,390 $691,716,439

Oregon 16,130 $15,011,301 $167,655,627

Pennsylvania

908 $9,081,256 $89,114,774

Rhode Island

4,247 $14,606,903 $143,355,048

South Carolina

12,360 $193,058,825 $28,043,608

Texas 7,140 $1,205,889,874 $175,166,833

Virginia 15,244 $27,987,252 $269,742,323

Washington 5,778 $153,837,786 $118,922,838

TOTAL 870,433 $4,795,673,172 $18,681,230,848

*Per year over a thirty year period  **Per year, from state and local taxes   ***Per year over a thirty year period, from state and local taxes

†Assumes average projected price for oil through 2030 according to the EIA’s 2009 Energy Outlook, found here.

SOURCE:  American Energy Alliance, “The Economic Contribution of Increased Offshore Oil Exploration and Production to Regional and National Economies,” February 2009.

Download a PDF of this table here.

via Obama Administration Ignores Economic Benefits of Offshore Drilling | Drill Here, Drill Now, Pay Less | American Solutions.

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