Gas prices fell to an average of $1.86 per gallon last week in South Carolina according to AAA, providing us with a little extra cash in our pockets. That’s great news indeed…but we had better not get used to it. The Environmental Protection Agency (EPA) is in the process of implementing three rules that a new study by the Beacon Hill Institute at Suffolk University and Palmetto Promise Institute says will substantially drive up the cost of energy in South Carolina.
South Carolina has two major ports that would likely play a prominent role in offshore oil and gas production. The Port of Charleston is one of the busiest and most efficient ports in the nation. The Port of Georgetown, a dedicated break bulk and bulk facility, handles large volumes of cement, metals, and petroleum coke. Using the multipliers for economic impacts on ports implies that offshore oil and gas development would create more than 900 jobs for these ports in 2035 under the high production scenario.
Good decisions start with separating fact from fiction. Get the facts about how offshore energy exploration works…and what it would mean for South Carolina’s economy and environment.
On July 18, 2014 the Bureau of Ocean Energy Management (BOEM), a division of the U.S. Department of the Interior, announced that it would allow for modern surveys of the Mid- and South-Atlantic coast to update 40-year old data on offshore petroleum resources. This type of advanced seismic mapping will yield a far more accurate picture of offshore oil and natural gas reserves than what is currently available. The BOEM announcement could present significant opportunity for South Carolina, perhaps as soon as 2018.
What would offshore energy exploration mean for South Carolina in terms of potential revenue, economic development and jobs? What would it mean for our tourism industry and beautiful coast? These questions and more are explored in our groundbreaking report SC’S Offshore Opportunity: Economic & Environmental Impacts of Atlantic Energy Exploration. Learn more at www.OffshoreOpportunity.com.