The objective case for developing our oil and gas wealth is pretty straightforward. With the exception of climate change, pretty much everything the Obama administration considers a major problem would be improved by opening the floodgates to new exploration.
The deficit? The oil industry already pays the U.S. treasury more than $95 million a day in taxes, rent, royalties, and the like. If you expand exploration, you expand revenues. According to estimates, if America unlocked its oil and gas reserves, the government could take in somewhere between $1 trillion and $2 trillion in additional revenue over the coming years. And that’s not counting the increased revenues from the stimulus of lower fuel and energy costs.
Trade imbalances? Domestic oil and gas is, by definition, not imported. The more we produce here, the less we import, or the more we can sell overseas. Either way, the trade deficit goes down and GDP goes up.
Jobs? You can’t drill for American oil or natural gas in China, Saudi Arabia, or anyplace other than America. Oil- and gas-exploration jobs pay more than twice the national average.
Unfortunately for Jonah, he's never read my blog. Because if he had, he would know that there's a big reason Obama won't drill. It's one of the hills their party will die on. The Environment is #7 on the list and as I noted on 9/08............
The democratic party likes to say that it's out for the working guy. But ask yourself this question; if it came down to creating jobs for working stiffs and protecting a caribou in Alaska, who wins?
We have the capability to start domestic drilling here in the US. Domestic drilling accomplishes a number of good things for this country. It lessons our dependence on resources from rogue nations, it strengthens our dollar, it lessons our trade imbalance, it increases US Treasury receipts, it creates good high paying, union jobs.
Yet with all these positive aspects of domestic drilling who do you think is primarily responsible for killing it? Hint, it's not republicans.
Watch the video from a month or so ago and tell me that democrats care more about the working stiff struggling to pay $4/gal for gasoline over saving some caribou in Alaska or sea otter off the San Francisco coast
So nice try Jonah. Not going to happen even though this guy claims to be a "pro business" president.