New Orleans was the site of the 100th Gulf of Mexico offshore gas and oil lease sale Wednesday. On the 50th anniversary of the Outer Continental Shelf Lands Act, the Secretary of the Interior Gale Norton opened the bidding on nearly 4000 tracts off the coasts of Louisiana and Texas. New sources of oil and natural gas will have a positive impact on the economy along with providing a lot of jobs according to Tom Readinger.
"Throughout America it's been estimated as much as 200,000 jobs are involved. So obviously we have that broad impact on the economy as a whole."
Readinger is the Mineral Management Services Associate Director for Offshore Minerals Management. He also points out that offshore drilling has a sound environmental record.
"We have not had a major or significant spill from a platform. Compared to for example, bringing oil in from abroad, the OCS compares way better in terms of environmental impact."
As part of the Outer Continental Shelf Lands Act, nearly $1 billion dollars from royalty revenues annually go into the Land and Water Conservation Fund for the acquisition and development of state and Federal park and recreation lands. Ron Tull, Interior Department Radio News Service.