The National Ocean Industries Association (NOIA) released the NOIA Offshore Wind Priorities List for Biden Administration and the Importance of Gulf of Mexico Energy Production to the United States.
The documents are a pair of offshore energy priority proposals, detailing offshore oil, natural gas, and wind policies that President-elect Biden should pursue to bolster U.S. offshore energy as a strategic asset, as well as possible legislation for consideration by the incoming Administration.
“President-elect Biden and the incoming Administration should recognize that offshore energy provides a unique solution to some of their top priorities,” said NOIA President Erik Milito.
“American offshore energy is a foundation of domestic energy, accessible jobs and economic opportunity and billions of dollars of government revenue. Offshore energy production occurs miles from onshore populations, so it avoids adverse environmental justice issues. On top of that, offshore energy revenues provide the funding for vital parks and recreation programs that promote environmental justice solutions for local communities. The ecosystem of oil, natural gas, wind and service and supply companies are not just driving energy and climate innovation, they are providing a way to scale and deploy real-world solutions. There are not many industries that can provide these broad benefits in such a sustainable and responsible manner.”
Offshore oil and natural gas production is an American energy and economic anchor. A study by Energy & Industrial Advisory Partners found that, in 2019, the Gulf of Mexico oil and gas industry supported more than 345,000 jobs, across every U.S. state, $28.6 billion in GDP, and $5.4 billion in government revenue, including $1 billion that was directed to the Land & Water Conservation Fund.
The offshore oil and gas document highlights the key role offshore oil and gas fulfills, including:
- Economic Benefits of Offshore Oil & Gas
- Safety and Environmental Record
- Offshore Oil & Gas Energy Transition Leadership
The outlook for offshore wind is bright. A recent Wood Mackenzie paper indicates that new near-term prospective offshore wind leases could end up generating 37 GW of new electricity, supporting 80,000 jobs annually and creating $166 billion in total investment by 2035.
Key offshore wind policies highlighted in the NOIA policy paper include:
- Leasing and Permitting of Offshore Renewable Energy
- Appoint Renewable Energy Permitting Czar Inside Executive Office of the President
- Offshore Wind Investment Tax Credit Implementation Regulations
- Reverse or Alter the Recent Withdrawal of Offshore Wind Leasing Acreage
- Improve Coordination on the Pacific Coast Between Industry and The Department of Defense
In addition, there are numerous legislative priorities for consideration in the document.
The offshore industry – oil, natural gas, and wind – will continue to benefit every American.
