oil and gas

Topics: Natural gas / Pages: 134 (33368 words) / Published: Oct 8th, 2013
United States Gulf of Mexico Oil and Natural Gas Industry Economic Impact
Analysis
The Economic Impacts of GOM Oil and Natural Gas Development on the U.S. Economy

Prepared by:

Quest Offshore Resources, Inc.

Prepared for:

1600 Highway 6, Suite 300

American Petroleum Institute (API)

Sugar Land, TX 77478

National Ocean Industries Association (NOIA)

June 2011

Key Findings
This report has documented the decline in

generate tax revenues at all levels of

capital

operational

government – if the government pursues

spending of the GoM offshore oil and

a balanced regulatory approach that

natural gas industry that occurred over the

allows for the timely development of the

2008 to 2010 period. The principal reasons

backlog

for this decline include the economic

environmentally

recession in 2008-09 and the establishment

Under such government policy, we

of a moratorium on deepwater drilling and

estimate total spending by the GoM

subsequent slowdown of permit issuance in

offshore oil and natural gas industry to

both GoM deep and shallow waters in 2010

increase by over 70 percent by 2013

and into 2011. We estimate that tens of

from

thousands of jobs have been lost in

expenditures to increase by over 140

response

capital

percent. If potential spending levels are

expenditures and operational spending of

reached, total employment supported by

the offshore GoM oil and natural gas

the Gulf of Mexico oil and natural gas

industry over this period.

industry in 2013 could exceed 430

expenditures

to

the

and

decline

in

of

2010

GoM

projects

responsible

levels,

in

an

manner.

and

capital

thousand jobs or a 77 percent increase
We

also

demonstrate

the

near

term

potential of the offshore GoM oil and natural

from 2010.
.

gas industry to create jobs, boost GDP and
Table 1: Estimated Historical

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