According to a new study by Quest Offshore Resources, Inc., if permitting in the Gulf of Mexico for offshore development returned to pre-spill levels before the Obama administration’s moratorium, as many as 190,000 jobs could potentially be created in the next two years. This study was done for the American Petroleum Institute (API) and the National Ocean Industries Association (NOIA). Projected jobs could include not only offshore drilling, but also indirect jobs including companies nationwide that supply the oil and gas industry with valves, pipes, rope and other related equipment.
Randal Luthi, president of NOIA said, “This new study clearly shows that the offshore oil and gas industry is an essential part of creating and sustaining…American energy, the American economy and American jobs.”
NOIA and API are citing the report as new evidence that lawmakers and regulators should do more to accelerate drilling in the Gulf of Mexico and also expand oil and gas development on the outer continental shelf. API president Jack Gerard said that the oil and gas industry is “still not as close to providing all the benefits it could.” He also stated that having a strong domestic industry that is allowed to produce more of the energy our nation needs is “the best way to help our economy, strengthen our energy security…and help drive down our debt.”
The report also found that the Gulf offshore oil and gas industry contributed more than $26 billion to the nation’s gross domestic product in 2010.
Over the next couple years, the potential addition of jobs to increase production of domestic oil and natural gas may be extremely beneficial to our economy as we pay down our financial debt.