1. OCS PRODUCTION 



To date there has been np_ production of oil or gas off New Eng- 

 land. However, the New England states are interested in developing 

 the petroleum and natural gas resources on Georges Bank. Many New 

 Englanders have expressed the hope that a large find of oil and nat- 

 ural gas off their coast would result in lower energy prices, a 

 stable supply of fuel for East Coast refineries, and the possibility 

 of exporting natural gas to other areas. However, it is unlikely that 

 a high find of oil on Georges Bank would affect the price New Eng- 

 landers pay for oil. Nonetheless, it would mean that the region would 

 be contributing toward reducing our dependence on foreign sources. 



