Petroleum Industry Argues for Offshore Drilling Expansion

The American Petroleum Institute (API) recently released a series of economic impact studies in favor of President Trump’s offshore oil and natural gas exploration expansion plan. The studies argue that the president’s plan would benefit the U.S. economy, contributing up to $590 billion over 20 years. The studies individually examine the four different geographic regions the administration is considering starting or increasing offshore drilling: the Atlantic, Pacific, Eastern Gulf, and Alaskan coasts.

To date, the plan has received pushback from both sides of the aisle from lawmakers representing coastal communities. Following the release of the studies, API’s Director of Upstream Operations Erik Milits told the media, “Ultimately, the studies confirmed what the U.S. oil and natural gas industry has supported over the years: opening the currently restricted areas would increase economic benefits, not only specifically for the coastal regions near the offshore development, but also nationally as well.”

Prior to the release of API’s studies, the conservation group Oceana, which is opposed to drilling, also released an economic analysis, citing far more negative consequences. “From ocean views scattered with drilling platforms, to the industrialization of our coastal communities, to the unacceptable risk of more BP Deepwater Horizon-like disasters, expanding offshore drilling to new areas threatens thriving coastal economies and booming industries like tourism, recreation and fishing that rely on oil-free beaches and healthy oceans,” explained Oceana’s campaign director in a statement.

To view the API studies, click here: http://www.api.org/news-policy-and-issues/exploration-and-production/new-economic-studies-on-offshore-energy-development

To view the Oceana analysis, click here: http://usa.oceana.org/clean-coast-economy

To view President Trump’s offshore oil drilling plan, click here: https://www.boem.gov/NP-Draft-Proposed-Program-2019-2024/