Oil industry: Trump's offshore drilling plan could add $590B to economy

March 9, 2018

President Trump’s offshore oil and natural gas drilling plan could contribute up to $590 billion to the U.S. economy within two decades, according to new research commissioned by the oil industry.

The American Petroleum Institute (API) released four studies Friday, written by Calash and Northern Economics, focusing on each of the areas where the administration is considering allowing or expanding offshore drilling: the Atlantic, Pacific and Gulf of Mexico coasts, as well as around Alaska.

The Atlantic alone could see $260 billion in new economic activity, while the Pacific has the potential for $160 billion, the study said.

The plan has been controversial and seen bipartisan opposition from states along the Pacific and Atlantic coasts. Opponents say drilling would threaten the environment, tourism and fishing, as well as exacerbate climate change.

But with the studies released Friday, the API is trying to push back, arguing that it would be beneficial not just for the country as a whole but also specifically for the coastal communities where opposition has been strongest.

“Ultimately, the studies confirmed what the U.S. oil and natural gas industry has supported over the years: opening the currently restricted [outer continental shelf] areas would increase economic benefits, not only specifically for the coastal regions near the offshore development, but also nationally as well”...

Read entire article at The Hill.



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