Oil Spill Update

June 8, 2010

Thank you for your continued support of energy security. We would like to also thank you for being stewards of this great land as well as understanding that oil and natural gas production has been safely conducted for more than 60 years. 

Despite the challenging environment there has been steady improvement in conditions over the last several decades.  Unfortunately, the accident in the Gulf of Mexico that is plaguing the residents of the coast and the animal inhabitants put an end to 60 years of safety. BP has formed two task forces to examine offshore equipment and offshore operating practices to further improve safety and environment protection in both the short and long term. 

As you know, offshore drilling pays an important role in this demand; the Gulf provides more than 30 percent of the nation's total domestic oil production and 11 percent of domestic natural gas production. Approximately 70 percent of oil and 36 percent of natural gas in the Gulf comes from deepwater exploration. In addition to production the Gulf exploration for oil and natural gas supports hundreds of thousands of jobs in U.S. technological leadership in global energy economy.  If the reduction of U.S. domestic oil production was to occur it would mean loss of jobs, billions of dollars lost to government revenue and the nation's energy security decrease. This accident is a disaster but to completely stop the production and exploration in the Gulf would just lead to more tragedy within the nation.

Please know the North Carolina Energy Forum will provide you with ongoing updates as developments evolve in the Gulf. Thank you. 
 
Sincerely,
Nathan Tabor, Chairman
North Carolina Energy Forum