Assateague Coastal Trust
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Atlantic Offshore Drilling
Fast Facts

Take Action. Protect The Atlantic HERE
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News

The Latest On Atlantic Offshore Oil & Gas
Learn More Here
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Seismic Air Gun Blasting

The dark side of the science behind oil and gas exploration
Learn More here
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Leasing Program

Dept. of Interior an BOEM'S Outer Continental Leasing Program
Learn More HERE

President Trump's "Industry First" Energy Plan

President Trump claims his plans for the Atlantic are part of an "America First" energy plan, but the truth is, this is an "Industry First" energy plan and here is why.
Atlantic Drilling Isn't About Energy Independence
PictureOnly 4% of U.S. oil reserves are estimated to be off the Atlantic Coast. Photo credit: agmrc.org
The Atlantic Federal Waters only contain enough oil to supply the U.S. for an estimated 7 months.

The Bureau of Ocean Energy Management (BOEM) estimates the Atlantic Federal Waters in the Mid and South Atlantic contain about 2.92 billion barrels of oil.  This may seem like a lot, but the US uses 6.89 billion barrels per year, meaning that even if the entirety of the Atlantic oil supply was drilled, it would only fuel the U.S. for several months.  



PictureAtlantic natural gas reserves only make up a sliver of the available natural gas supply in the US. Photo credit: agmrc.org
The Atlantic Federal Waters only contain enough natural gas to supply the U.S. for an estimated 14 Months.
​

BOEM estimates the Atlantic Federal Waters in the Mid and South Atlantic contain 25.56 trillion cubic feet (Tcf) of gas.  The US currently uses about 27.5 Tcf of natural gas per year, meaning the Atlantic basin only contains enough gas to fuel the U.S. for a little less than a year.


President Trump Proposes to Allow Crude Exports and Sell Off Our Oil Strategic Reserve
Congress recently voted to allow the export of crude oil.  This is a departure from U.S. energy policy for nearly the last 40 years.  The reason for this change is due to an surplus of domestic oil production.  Moreover, President Trump's draft FY 2018 Budget proposes to sell-off strategic oil reserves.  As Mick Mulvaney, Director of the Office of Management and Budget says, "We think it's the responsible thing to do. We don't need to take this much of our money to bury it in the ground out in West Texas for domestic security and national security reasons when we have domestic supplies like we do."   Clearly, drilling in the Atlantic is not needed for energy independence.

It's Not About Jobs
The Quest Report
The creation of jobs is one of the pillars of the argument to open our coast to offshore drilling. Proponents of drilling in the Atlantic often cite job figures from a report commissioned by the American Petroleum Institute and National Ocean Industries Association published in 2013 known as the Quest Report.  There are several flaws with this report: 
  • The report assumes the entire Atlantic would be open to offshore oil and gas development.  This is highly unlikely.  If the Atlantic is open at all to offshore drilling, it would most likely be in a limited portion.  This would greatly reduce the number of jobs created.
  • The report assumes the price of oil to be $120 per barrel.  This is nearly 3 times the current price of a barrel of oil which is not expected to rise anytime soon.  The drastic difference between the actual price of oil and that used by the study seriously erodes any credibility of the figures put forth by the Quest Report.
  • The Quest Report fails to take into account a significant portion of the jobs and economic activity created would go to the Gulf Region which has the existing infrastructure and skilled workforce to support the industry.​
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Jobs Created Would Be Short Term
Another figure left out of the Quest Report is just how long an Atlantic oil industry would last.   The American Petroleum Institute estimates production in the Atlantic could reach 1.3 million barrels of oil per day or about half a billion barrels of oil per year.  If we take the most ambitious estimates of 9.23 billion barrels of oil in the entire Atlantic, it becomes evident that the Atlantic oil industry would only last approximately 20 years.   Is a 20 year industry worth the risk? 

This Energy Plan Is About Corporate Profits
Take Action. Protect The Atlantic HERE
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Assateague Coastal Trust
Mailing Address:  PO Box 731   Berlin, MD 21811     
Physical Address: 9842 Main Street   Berlin, MD 21811
Phone:  (410) 629-1538 
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Copyright 2019 - Assateague Coastal Trust, Inc. - All rights reserved
  • Home
  • About ACT
    • Mission & History
    • What We Do
    • Where We Work
    • Meet The Staff & Board >
      • Contact Us
      • Employment Opportunities
    • Money Matters >
      • 2018 DONORS
      • 2017 Donors
    • News >
      • Fall 2020 Newsletter
      • ACT in the News
      • Press Releases
    • Get Involved
  • Coastkeeper
    • MDE Enforcement During COVID-19
    • Current Campaigns >
      • Clean Water Act Defense
      • Offshore Oil & Gas Development >
        • Offshore Oil News >
          • 5 Year Leasing Program
          • Seismic Air Gun Exploration
      • Healthy Communities >
        • Industrial Agriculture
        • COASTKEEPER Vigilance
      • Sustainablility >
        • Island Nesting Birds At Risk
        • Lawns And Our Waterways
        • Worcester County Zoning
    • Water Monitoring >
      • Data
    • Boating Resources
  • Coast Kids
    • Coast Kids Events >
      • Sign up for events and Coast Kit packages
      • Coast Kit Resources
    • Summer Camp >
      • Summer camp video
    • Educational Programs
    • Frequently Asked Questions
  • Events
    • WSFF
    • Public Meetings
  • The Marsh
  • Trash Free Assateague
    • Upcoming TFA Events
    • Ecopsychology Gatherings
    • Past Events and Sweeps
    • Team Building - Group Cleaups
  • EJ Letter Hogan
  • Average DO