Study: O&G Setback Cost U.S. Jobs

Monday, July 11, 2011

A new study released today by the National Ocean Industries Association (NOIA) and the American Petroleum Institute (API) shows the important nationwide jobs and economic impact of the Gulf of Mexico offshore oil and gas industry and reveals the effect of permitting on those
figures.

According to the study conducted by Quest Offshore Inc., the Gulf offshore oil and gas industry supported more than 240,000 jobs across the country while contributing more than $26 billion to the nation’s GDP in 2010.

"The Gulf offshore oil and gas industry supports tens of thousands of jobs outside the Gulf of Mexico," said Randall Luthi, president of NOIA. "These jobs are found across the United States – at places like Redwing Shoe Company in Minnesota, Godwin Pumps in New Jersey and
Hammerhead Industries in California, just to name a few."

But offshore industry-related jobs are down from 2008, the study shows, due in part to the poor economy, the deepwater moratorium, and the continuing slow pace of new drilling permits in the gulf. More than 60,000 jobs have been lost in the Gulf States alone since 2008, according to the study.

There is potential for good news, though: the study also projects that if exploration and development permitting return to historic levels and backlogged projects are processed, the Gulf offshore industry could help create an additional 190,000 jobs by 2013 for a total of more than 400,000 industry supported jobs across the United States. The Gulf offshore industry could also contribute nearly $45 billion dollars to the nation’s GDP by 2013.

"The bad news is that the current pace of permit reviews and approvals will just not get us there," said Luthi.

The study also found that the vast majority of industry-related spending, more than 95 percent, stays right here in the United States, creating more jobs and more economic growth at home, instead of sending it overseas.

“American energy, the American economy, and American jobs -- this new study clearly shows that the offshore oil and gas industry is an essential part of creating and sustaining all three," said Luthi. "And that’s just the beginning. The Gulf could do even more to fuel America and
America’s economic-recovery—if allowed."

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1156 sec (9 req/sec)