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The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry

The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry

Full Title: The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry
Author(s): Energy & Industrial Advisory Partners (EIAP)
Publisher(s): National Ocean Industries Association (NOIA)
Publication Date: May 26, 2020
Full Text: Download Resource
Description (excerpt):

The Gulf of Mexico oil and natural gas industry is a major source of energy production, employment, gross domestic product, and government revenues for the U.S. However, Democratic presidential candidate Joe Biden and others have pledged, “No offshore drilling.”

The firm Energy & Industrial Advisory Partners (EIAP) models three scenarios of what the Gulf of Mexico 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 permit approvals in the Gulf of Mexico.

Along with immense Gulf Coast benefits, the national supply chain stretches through all 50 states. It is clear from the numbers: shutting down energy production in the Gulf of Mexico would devastate the economy, destroy small businesses and high-paying jobs and weaken our national security.

Offshore oil and gas companies make up the fabric of countless communities along the Gulf Coast. From production companies to drillers to fabricators to marine construction and more, offshore energy is a complex ecosystem of companies and people that produce energy safely and reliably. The report includes 2,400 who are part of the Gulf of Mexico vendor chain, and this is a significant underrepresentation of the thousands of companies needed to keep energy flowing.

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