This document discusses the economic importance and trends of offshore oil and gas activity in the Gulf of Mexico. It notes that in 2008 the GOM produced over 420 million barrels of oil and 2.4 trillion cubic feet of natural gas. Deepwater areas accounted for 76% of oil production in 2007. The document summarizes trends showing the water depth barrier moving from 5,300 feet to over 9,500 feet in the past 20 years. It also discusses potential impacts of the Deepwater Horizon oil spill, including reduced drilling rig activity and job losses in the Gulf Coast region.