Original Press Release
Manufacturers Urge Continued Expansion of Offshore Development
Press release date: March 31, 2010
Offshore Exploration and Development Is Critical To Job Creation and Energy Security
WASHINGTON, D.C. - The National Association of Manufacturers (NAM) Executive Vice President Jay Timmons today issued the following statement regarding President Obama's announcement to partially expand oil and natural gas exploration and development on the Outer Continental Shelf (OCS):
"Today's announcement by President Obama to move forward with opening portions of the Outer Continental Shelf for oil and natural gas exploration and development is a positive step toward a lower cost domestic energy supply and ensuring U.S. energy security and independence. Manufacturers commend the President for his leadership on this issue.
Manufacturers appreciate the potential for jobs and a lower cost energy supply that will result from exploring and developing off U.S. shores, which Cuba and Venezuela are already doing aggressively. The OCS contains enough natural gas to heat more than 100 million homes for more than 60 years while providing fuel and feedstock to the manufacturing sector.
The independent Milken Institute's Jobs for America report, commissioned by the NAM, shows that an investment of $46.5 billion in onshore exploration/offshore drilling could create up to 195,000 jobs. Further, the report shows that each of these new jobs would create an additional 3.5 million jobs in other sectors.
While manufacturers support the President's announcement, we also believe the Administration has missed an opportunity to take advantage of proven and known reserves in Alaska and other portions of the OCS and to expedite the leasing process. To shut down known resources only hinders our ability to reduce our foreign energy dependence and create jobs.
The OCS contains 420 trillion cubic feet of natural gas, which can go a long way toward meeting domestic and energy security needs, but only a portion of these potential resources will be open for exploration and development.
Affordable and reliable energy is essential to the long-term health and security of the U.S. economy and the prosperity of American workers. Today's announcement helps us move one step closer to achieving energy independence. Manufacturers will continue to work with the Administration and Congress to explore ways to expedite delivery of more of these valuable resources to American consumers."
The National Association of Manufacturers is the nation's largest industrial trade association, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers, visit www.nam.org.