With Chairman Nick Rahall (D-WV) leading House Natural Resource Committee hearings into Outer Continental Shelf energy development, the American Energy Alliance this week released a study attempting the analyze the economic impact of expanded OCS exploration and production. The full report is here: “The Economic Contribution of Increased Offshore Oil Exploration and Production to Regional and National Economies.”
From the four-page summary:
National Annual Effects
Over the life of production, increased resource production in OCS Planning Areas will contribute more than $8 trillion to GDP and supply more than $2.2 trillion in incremental tax receipts.
And the key table:
Chairman Rahall holds another hearing starting at 10 a.m. today, “Offshore Drilling: Industrial Perspectives.” Testifying are representatives of many NAM companies:
Marvin E. Odum, President, Shell Oil Company
Lamar McKay, Chairman and President, BP America, Inc.
Larry Nichols, Chairman and Chief Executive Officer, Devon Energy Corporation
Tim Cejka, President, ExxonMobil Exploration Company
Gary Luquette, President, Chevron North America Exploration and Production Company
Also on the panel is Karen A. Harbert, President & CEO, Institute for 21st Century Energy, U.S. Chamber of Commerce.
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