A study released Tuesday by the National Ocean Industries Association (NOIA) found that banning offshore drilling for oil and gas in the Gulf of Mexico would mean the loss of hundreds of thousands of jobs and billions in tax revenue.
Compiled for the NOIA by specialist consulting firm Energy & Industrial Advisory Partners (EIAP), the study—The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry (PDF)—outlines the importance of oil and gas exploration, development and production for the economy of the Gulf states and beyond. The report indicates that in 2019, drilling in the Gulf of Mexico produced 2.3 million barrels of oil equivalent (BOE) each day, with production forecast to rise to 2.5 million BOE by 2040.
