The midterm elections are over and many races were almost too close to call, including two US Senate elections in Louisiana and Alaska where a candidate has not yet been declared a winner. However, there was one winner following the elections and that was the issue of Energy. Energy was a clear winner and many members of Congress are excited to move forward with plans that have long been stalled by Washington red tape. They are ready to approve the much-delayed Keystone XL Pipeline, and there is the hope that more progress will be made for domestic energy development. That’s because elected officials on both sides of the aisle are recognizing the immense value that energy has for American jobs and security for their families.
Voters in North Carolina and across the states have long recognized that there’s an energy revolution going on in America and they’re all for it. They support construction of the Keystone XL Pipeline, onshore exploration for oil and gas and the opening of reserves on the outer continental shelf, as well as revision or elimination of federal regulations that needlessly stifle energy development.
They realize that a commitment to energy independence is also a commitment to national prosperity and national security. They know it’s foolish to rely on energy from unstable or unfriendly sources when we have abundant reserves of our own.
Saudi Arabia is now in our rear view mirror. The U.S. has become the world’s leader in natural gas production and will soon match that title in oil production. This rise in fossil fuel production has strengthened our leadership in the global marketplace and created a manufacturing renaissance.
States that are producing energy are generating a record number of jobs and seeing the ripple effect from this progress as small businesses emerge to support development and people are finding that they have more disposable income to spend. Communities like Kinston in energy-producing states are seeing an influx of revenue and jobs injecting life into stagnant economies.
Removing obstacles to further energy development could generate an estimated 1 million jobs for Americans, $127 billion in government revenue and increased oil and natural gas production.
North Carolina can be a part of this energy revolution if the Administration and Congress do not put up obstacles to developing resources on and off of our shores. Seismic surveys are slated to begin as early as Spring of 2015 so that we can finally determine the true value of our offshore oil and natural gas resources and activate the jobs related to developing those resources. And production of natural gas in central North Carolina could generate even more jobs and revenue for our state.
Dr. Michael Walden from N.C. State estimates that North Carolina’s offshore energy resources could create more than 1,100 jobs and $11 million of annual public revenues during the seven-year build-up period; and nearly 17,000 jobs, and $116 million of annual public revenues over the estimated 30-year period of energy recovery. Areas in eastern North Carolina are set to be the first cities to see these significant benefits.
Furthermore, if onshore natural gas development moves forward, it could generate nearly 500 new jobs and $4.9 million of annual public revenues during the construction of the needed infrastructure and facilities; followed by more than 1,400 jobs and $9.6 million of new annual public revenue over 20 years. These onshore and offshore prospects are not only well-paying jobs working directly in the oil and natural gas industry, but also reflect economic activity along the supply chain and as a result of increased consumer spending.
These developments represent huge opportunities for minorities in North Carolina. No single thing is more important to the welfare of African-Americans, Hispanics, and other minority members than a thriving economy with a diverse range of opportunity and low cost energy. As energy production increases, the job opportunities for minorities will increase, too. We’re talking about secure, well-paying jobs with chances for advancement and a fulfilling career.
IHS Global recently conducted a study, and noted that many oil and gas professionals are reaching retirement age, so there will be even more openings for ambitious men and women who want to join the American energy revolution. These jobs range from blue-collar jobs such as welders, pipefitters, construction workers and electricians; to engineers, accountants and lawyers. Needless to say, many of them are well-paying jobs that provide valuable long-term skills.
On November 4th, a majority of voters chose candidates committed to making the American dream a reality for everyone. That’s good news and a cause for celebration and a testament that Energy is not a Republican or Democrat issue. Instead, this industry creates opportunities for all of us no matter our personal political persuasion.
