Increased Florida energy development would add millions in federal, state and local tax revenues.
The oil and natural gas industry adds $23 billion to Florida's gross state product, representing 3.1% percent of the state’s wealth. And though the state does not currently produce oil and natural gas resources, we do refine these fossil fuels and manage imports of liquefied natural gas (LNG).
Imagine the billions in revenue our state would accrue if we added development of oil and natural gas resources in our own state.
Florida has rich stores of oil and natural gas off the shores on the Atlantic Outer Continental Shelf (OCS), as well as Eastern Gulf of Mexico. However, due to federal policies and state regulations, we are currently not allowed to access these areas for energy development, stymying the potential revenue to our state.
If offshore development were allowed in the Atlanic side, Florida's state economy could benefit by $700 million by 2035. And if the Gulf of Mexico state/federal revenue sharing arrangement is enacted for Atlantic coastal states, Florida could see a 37.5% share of the Atlantic bonuses, rents and royalties that are generated, which are projected to reach $265 million per year by 2035.
Nationally, the U.S. oil and natural gas industry pays the federal government tens of millions of dollars every single day.
And with pro-energy development policies, that revenue could be even more, providing funding critical services for Floridians, including schools, roads, environmental preservations efforts, and other services for citizens.