Report: Offshore Drilling Would Create East Coast Boon

Posted September 18, 2014 at 5:05am

Fuel Fix reports that “the economic benefits that would flow from offshore oil drilling in U.S. Atlantic waters outweigh the potential environmental costs of the activity, according to a study released Wednesday.”  

“The report, commissioned by the Interstate Policy Alliance and South Carolina’s Palmetto Policy Forum, says oil and gas drilling from Delaware to Georgia would generate $10.8 billion to $60 billion in added economic value for those states, plus $2.1 billion to $11.6 billion in tax revenues.”  

“Environmental effects from the activity — including costs associated with air emissions, carbon pollution and oil spills — are estimated to have a price tag of $395 million to $19 billion.”