Benefits of offshore drilling in Atlantic outweigh costs, study says

If the administration decides to open waters off the East Coast to drilling, the economic benefits would outweigh any environmental risks, according to a new study.

The report released on Wednesday estimates that oil and gas drilling in the Atlantic Ocean from Delaware to Georgia would bring in $10.8 billion to $60 billion for those states, on top of another $2.1 billion to $11.6 billion in tax revenues, the Houston Chronicle reports.

{mosads}Commissioned by conservative think tank Interstate Policy Alliance, and South Carolina’s Palmetto Policy Forum, the report says environmental costs would come to roughly $395 million to $19 billion. That includes emissions, carbon pollution and oil spills.

“When you talk about energy jobs related to offshore production, a lot of folks just concentrate on the guys in the hard hats and uniforms out there on the rigs,” Rep. Jeff Duncan (R-S.C.) said, according to the Chronicle.

“But there’s an enormous impact” from the companies and workers to vessels carrying the supply, and manufacturers of equipment needed for operations,” Duncan said.

The Interior Department is currently taking comments on what areas of the Outer Continental Shelf to new oil and gas offshore lease sales for 2017-2022.

Environmentalists have urged to Interior Department to keep the Atlantic off limits, warning fragile ecosystems, and marine life could be harmed by exploration and drilling.