Offshore drilling a 'when'

The question is no longer “if” North Carolina will see offshore oil and natural gas exploration but “when.” Citizens on both sides of the issue should demand their rightful economic benefit from such an endeavor, and a full and honest accounting for the environmental risks involved.

As vice chairman of the Outer Continental Shelf Governors Coalition, Gov. Pat McCrory has placed North Carolina at the forefront of efforts to end a federal moratorium on offshore drilling. The U.S. Department of Interior is expected to review late next year the option of opening the Atlantic Ocean to seismic testing, which must precede the drilling of exploratory wells.

The economic benefit from testing and exploration is spelled out in a study of both onshore and offshore potential energy exploration published in April by Dr. Michael L. Walden, a professor of agricultural and resource economics at N.C. State. For the offshore component, the study estimates $181 million in new annual state spending would be necessary “for each of seven years associated with offshore energy infrastructure development” providing more than 1,100 jobs during the period.

For a 30-year offshore oil production cycle, the study estimates $1.9 billion in spending for each of the 30 years, 16,910 jobs and $116 million in state and local public revenues for each of the 30 years.

The potential economic benefits of energy exploration have won enough public favor for offshore drilling to expect that it will happen for North Carolina and other coastal states. The positive benefits from jobs created is a needed reality for continued economic recovery. Additionally, any contribution toward making the nation less dependent on foreign oil carries strong political advantage worth considering.

The potential for environmental disaster, however — made vividly apparent by the massive Deepwater Horizon spill three years ago — also remains a reality. No one wants to see this state’s lifeblood of coastal fishing and tourism ruined.

There are, of course, no guarantees to ensure the environment will not be harmed, or even that oil added to the world market actually will lower the price of gasoline here. The risk reality should, however, mean that any potential rewards will be realized by all residents. If that does not happen, citizens here and elsewhere may come to regret investing their confidence with those political and business interests who were intent upon letting the offshore-drilling genie out of its bottle.

Gov. McCrory and others on the receiving end of that confidence would do well to realize that public trust is in shorter supply than oil these days.