South Portland’s wholesale oil products storage and distribution system iscritical to the City’s and the Greater Portland region’s economic health:
Directly, it maintains taxable assets of over $85 million, provides 85 jobsand spends nearly $38 million annually in the local economy, includingnearly $9 million in pay and benefits and approximately $7 million incapital improvements;
Indirectly, this spending becomes nearly $26 million in sales to hundredsof area vendors supporting an additional 250 jobs;
The industry’s total commercial impact on South Portland and its regionaleconomy amounts to over $64 million in sales supporting 335 jobs earningover $20 million in pay and benefits.Beyond its direct commercial impacts, the terminal industry serves as the anchorfor the entire Port of Portland, accounting for 84% of the port’s cargo vessels and94% of its total cargo. Loss of this business would be a devastating blow to theport, vastly reduce its size and thus its ability to maintain the level of supportand safety services now available. This loss would, over time, seriously impedethe Port’s efforts to expand bulk cargo and container shipping and put at riskrecent investments in the Ocean Gateway terminal and the International MarineTerminal and delay or make less likely proposed investments in marinas and boat repair facilities.Finally, replacement of the current waterborne-based oil product distributionsystem with a new truck and highway system that would have to be developedwould increase energy costs drastically and cost South Portland, its larger regionand the state as a whole thousands of jobs. Over a ten-year period, Maine wouldlose approximately 5,600 jobs producing a net reduction in annual earnings ofapproximately $252 million. This income loss would translate into a loss ofapproximately $12 million to local governments across the state andapproximately $18 million to state government.