August 2011, Vol. 238 No. 8

In The News

Report Says New Drilling Permits Could Add Hundreds Of Thousands Of Jobs

A just-released economic analysis of natural gas and oil development in the Gulf of Mexico indicates the United States could add $45 billion to the American economy and 430,000 direct, indirect, and induced jobs in the next two years.

“Our industry knows we can do it. The ball is in the federal officials’ court to stimulate the American economy by returning to historic permitting rates. If the federal government makes the right decisions, we can add tens of billions of dollars to our nation’s gross domestic product and add 190,000 new direct jobs over the next two years. Those are real, American jobs, that will positively impact many more states than those touching the Gulf,” said R. Skip Horvath, president and CEO of the Natural Gas Supply Association.

The study found that 95% of the money invested in natural gas and oil development in the Gulf of Mexico is spent in the United States.

The analysis was commissioned by the National Ocean Industries Association and the American Petroleum Institute. It was conducted by Quest Offshore, a global firm that specializes in analyzing trends key to deepwater natural gas and oil operations.

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