With New Jersey facing a predicted $11 billion shortfall and 9.8 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 New Jersey’s offshore resources would bring necessary commerce to New Jersey, increasing its economic output (GSP) by $2 billion annually.
- While the private sector continues to shed jobs, offshore drilling would bring 5,098 long-term, well paying jobs to the state of New Jersey 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 $217 million in additional tax revenue annually, without raising taxes, and could be used to pay down New Jersey’s $11 billion deficit.
The current plan proposed by President Obama restricts or prohibits states from complete oil exploration, substantially reducing the economic gains readily available to struggling states.
“All of the benefits associated with offshore drilling, increased economic output, well-paying jobs, new tax revenue, remain locked up in America’s oil reserves. Although a majority of Americans support offshore development, the Obama administration has put forth a plan that inhibits New Jersey’s economic recovery and ability to grow over the coming years,” said Grover Norquist, President Americans for Tax Reform.