A new study from the Interstate Policy Alliance (IPA) and Palmetto Policy Forum (PPF) concurs with previous studies which conclude that South Carolina is in a prime position to benefit from new oil and natural gas production in the South Atlantic Outer Continental Shelf (OCS).
The study also goes a step further, factoring in potential environmental impacts such as emissions, and the cost of spills or other environmental hazards – key considerations for the tourism-rich coast.
Authored by Dr. Timothy J. Considine, a specialist in economic forecasting in the area of energy exploration, the study accounts for the current uncertainty – pending new seismic mapping – of the volume of energy resources present in the OCS by making outcome projections for low, medium and high production scenarios.
Balancing these economic and environmental considerations, the study concludes that South Carolina could be the second biggest beneficiary of an Atlantic-based energy boom.
Additionally, a recent survey indicated that 77% of South Carolina citizens support offshore energy exploration, including much of the state’s Congressional Delegation and Governor Nikki Haley.
The IPA/PPF study released shows that even with the uncertainty of unseen resources and the potential for carbon emissions and accidents, seismic testing off South Carolina’s coast makes sense due to incremental value added.