South Carolina, like Virginia, stands to gain thousands of jobs and see billions in economic growth if the federal government will allow oil and natural gas development in the waters off its coast.
A Quest Offshore Resources study projects more than $15.5 billion in cumulative energy spending in the state from 2017 to 2035 with offshore development, an energy boost to the state economy of more than $2.7 billion per year by 2035 and 35,569 jobs in 2035. South Carolina Gov. Nikki Haley:
“Let us step up. Let us do offshore work. Let us go and be part of the solution to our nation’s energy problem.”
South Carolinians are willing. Recent polling shows overwhelming support for energy development and investment in energy infrastructure:
- 95 percent say more production of domestic oil and natural gas could lead to more U.S. jobs.
- 93 percent say more domestic oil and natural gas could help stimulate the economy.
- 94 percent of registered voters in the survey agree that increased development of U.S. energy infrastructure would help create U.S. jobs.
- 92 percent say increased energy infrastructure development is good for U.S. consumers.
Energy development off South Carolina coast would build on the oil and natural gas industry’s existing economic impact in the state. A PwC study found that the industry support 67,700 jobs or 2.9 percent of the state’s total.
Industry generates $2.6 billion in labor income – wages, salaries and benefits, as well as proprietors’ income from jobs directly or indirectly supported by industry through operational spending, It also means $4.6 billion in value added – additional value created at a particular stage of production, including employee compensation, proprietors’ income, income to capital owners from property and indirect business taxes that are borne by consumers rather than producers.
Energy means jobs and economic opportunity in South Carolina – opportunity that can grow with increased access to oil and natural gas reserves.
(See other states in this blog series: Pennsylvania, New York, Maryland, Ohio, Kentucky.)
By Mark Green
Originally posted May 1st, 2014
Energy Tomorrow is brought to you by the American Petroleum Institute (API), which is the only national trade association that represents all aspects of America’s oil and natural gas industry. Our more than 500 corporate members, from the largest major oil company to the smallest of independents, come from all segments of the industry. They are producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry
