South Carolina Revenue
South Carolina offshore development would add billions in federal, state and local tax revenues.
The oil and natural gas industry is already helping South Carolina’s economy. It adds $4.3 billion to the gross state product, representing almost 3% percent of the state’s wealth (Source: API: The Economic Impacts of the Oil and Natural Gas Industry).
Development of oil and natural gas off South Carolina’s shores would generate more than $45 billion in revenue to federal, state and local governments, according to ICF International. These revenues would go to fund schools, roads, environmental preservation efforts and other services for citizens.
If revenue sharing is permitted in South Carolina, the state could begin accruing even greater benefits soon after a lease sale for the development area is held. For example, states participating in revenue sharing in the Gulf of Mexico, as authorized by Congress, received more than $27 million in the first three years of the program. This would be a major benefit during these difficult economic times to fund critical services for South Carolinians.
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