NEW YORK (AP) — An energy research group says that an increase in drilling activity in the Gulf of Mexico could create 230,000 jobs and add $44 billion to the economy next year.
IHS on Thursday echoed the industry's argument that regulations enacted following the Gulf oil spill have slowed down the time it takes companies to receive drilling permits. IHS based its conclusion on an analysis of government data.
If the process was streamlined to allow the industry to operate at peak levels, the U.S. would produce more jobs, more tax revenue and another 411,000 barrels of oil per day, the study says.
Government regulators have said that the new regulations and scrutiny are needed to prevent another oil spill.