The National Ocean Industries Association (NOIA) released the study, The Economic Impacts of the Gulf of Mexico Oil & Natural Gas Industry. Prepared by Energy & Industrial Advisory Partners (EIAP), the report examines the economic impact of the Gulf of Mexico oil and natural gas industry and the effects of potential leasing and drilling bans.
The study shows that the offshore industry plays a vital role in the economic and energy wellbeing of the U.S. However, Democratic presidential candidate Joe Biden and others have pledged, "No offshore drilling." Political efforts to limit offshore oil and natural gas production would not only devastate Gulf Coast economies but would damage the U.S. as a whole.
EIAP models three scenarios of what the Gulf of Mexico oil and natural gas industry could look like by 2040: a scenario based on a continuation of current policies and regulations; a scenario examining the potential impacts of a ban on new offshore leases; and a scenario examining the potential impacts of a ban on new drilling permits in the Gulf of Mexico.
NOIA President Erik G. Milito said, “Gulf of Mexico oil and natural gas production is a powerful driver of economic, energy and national security. Every barrel of oil produced in the Gulf is a barrel produced under one of the toughest safety and environmental regulatory regimes in the world, and is a barrel that Americans do not have to import from countries like Russia and Iran. While some elected officials and political candidates have promised to stop American energy production, including oil and gas production in the Gulf of Mexico, the reality is that these pledges would do untold harm to America.”
“A strong Gulf of Mexico oil and gas industry means a strong America. From buoy specialists in Maine to composite material engineers in Oregon to software companies in Florida, every state has jobs and economic investments linked to the Gulf Coast. The lessons and warnings from the report are especially important now, as our industry fights to recover from the existential threat from COVID-19 and the Saudi Arabia-Russia oil price war.”