Maine Would Gain $522 Million From Offshore Drilling
With Maine facing a predicted $849 million shortfall and 8.3 percent unemployment, Americans for Tax Reform continues to urge President Obama, Congress, and state elected officials to look toward energy exploration and production to create jobs, decrease the cost of energy and increase our domestic supply.
- Allowing for full development of Maine’s offshore resources would bring necessary commerce to Maine, increasing its economic output (GSP) by $522 million annually.
- While the private sector continues to shed jobs, offshore drilling would bring 2,467 long-term, well paying jobs to the state of Maine over the next seven years – every job associated with offshore drilling earns above average wages, according to the Bureau of Labor and Statistics.
- Investment in oil exploration would bring in $66 million in additional tax revenue annually, without raising taxes, and could be used to pay down Maine’s $849 million deficit
Data taken from The Economic Contribution of Increased Offshore Oil Exploration and Production to Regional and National Economies. Joseph R. Mason. American Energy Alliance. February 2009.