“Offshore Drilling Fuels the Climate Crisis and Threatens the Economy”

TBD Economics specialists teamed up with the nonprofit ocean conservation organization Oceana to release this technical analysis in 2021. The report analyzes the the Bureau of Ocean Energy Management’s 2019-2024 National Outer Continental Shelf (OCS) Draft Proposed Program proposition of opening planning regions comprising the OCS to oil and gas development. The analysis finds that the development of these areas would result in greenhouse gas emissions ranging from 19.4 billion tons to 33.8 billion tons of CO2e between 2025 and 2074. This equates to 3 to 5 years of carbon releases in the U.S. from all sources at 2018 emission rates. For further comparison, 19.4 billion tons of CO2e is equivalent to taking every car in the U.S. off the road for about 15 years. The analysis was referenced by several prominent news outlets in the wake of Biden’s pause on new oil and gas development in 2021. 

Media Coverage

https://www.nytimes.com/2021/01/27/climate/biden-climate-executive-orders.html?searchResultPosition=1

https://thehill.com/changing-america/sustainability/climate-change/536138-biden-pauses-new-oil-and-gas-leasing-on-public

https://www.france24.com/en/live-news/20210127-biden-poised-to-halt-fossil-fuel-leasing-on-federal-land

https://www.houmatoday.com/story/news/2021/01/27/louisiana-joe-biden-oil-gas-leasing-plans-spark-job-and-economic-concerns/4260836001/

https://www.coastalnewstoday.com/post/usa-new-analysis-finds-offshore-drilling-ban-could-prevent-over-19-billion-tons-of-greenhouse-gas-emissions-and-over-720-billion-in-damages

https://news.bloomberglaw.com/zz-bgov/energy-briefing-schumer-wants-biden-to-invoke-climate-emergency?context=search&index=0

 https://thehill.com/changing-america/opinion/535866-permanently-protecting-our-coasts-is-critical-to-addressing-the

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