Posted May 1, 2014
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.
ABOUT THE AUTHOR
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.