Sept. 16, 2014
FOR IMMEDIATE RELEASE
CONTACT: Brian Balfour (919) 834-2099 Brian.Balfour@nccivitas.org
RALEIGH – A new study released this week shows that North Carolina would create nearly 30,000 jobs and billions in expanded economic output if offshore oil and gas production were to be allowed in the Atlantic Ocean. Indeed, the Tar Heel State stands the most to gain of the seven Atlantic coast states examined.
According to the study, the economic benefits for North Carolina if Atlantic offshore oil and gas production were allowed would be substantial: “North Carolina could realize over $24.5 billion in economic output, $4.3 billion in additional tax revenues and on average employment levels that are nearly 30,000 higher each year over the 2017 to 2035 period.” It’s also worth mentioning that those new jobs are not minimum-wage, low-skill positions. Jobs in the oil and gas industry pay over $70,000 per year on average.
“The research provided in this study should serve as a wake- up call for legislators. The next potential leasing period begins in 2018, just four short years from now. North Carolina has an opportunity to provide tens of thousands of jobs and more affordable, home-grown energy for its citizens,” said Brian Balfour, Director of Policy for the Civitas Institute.
The study, conducted by Dr. Tim Considine, the School of Energy Resources Distinguished Professor of Energy Economics at the University of Wyoming, evaluated both the economic benefits and the environmental costs of offshore energy exploration in the Atlantic to Delaware, Maryland, Virginia, North Carolina, South Carolina, and Georgia.
Compared to the costs and benefits of other states studied, North Carolina emerges as the clear winner, having the greatest potential for development and economic growth. Under the brightest scenario evaluated, by 2035 North Carolina would have the potential to produce, on its own, more than the amount of total natural gas it consumes. Not only would this result in lower fuel prices, it would create a major competitive edge for North Carolina in exporting energy.
This study was funded by the Interstate Policy Alliance, a foundation-supported effort to commission and promote state-based research for free market organizations.
More on the Author:
Dr. Tim Considine is the School of Energy Resources Distinguished Professor of Energy Economics at the University of Wyoming in the Department of Economics and Finance. He previously served as a professor of natural resource economics at The Pennsylvania State University for 22 years. He holds a Ph.D. degree from Cornell University (1981), an M.S. from Purdue University (1977), and a B.A. with honors from Loyola University of Chicago (1975).
To view the study, click here.
The Civitas Institute – “North Carolina’s Conservative Voice” – is a policy institute based in Raleigh, N.C. More information is available at www.nccivitas.org, or contact Jim Tynen at (919) 834-2099 or james.tynen@nccivitas.org.
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