the Administration’s recent decision to place a de facto moratorium on offshore drilling in the eastern Gulf of Mexico and the Atlantic
Posted by UFreak in 
Drill?…or, not to Drill?
According to a study by ICF International, expanding domestic energy development in America’s offshore areas could alone generate $1.3 trillion in government revenues over the life of the resource – along with major increases in jobs and economic activity that result from offshore development.
To put this figure in perspective, consider the following numbers:
- In 2010, the U.S. federal budget deficit was $1.3 trillion.
- The total U.S. national debt currently stands at about $13.8 trillion.
- The U.S. oil and natural gas industry contributes more than $1 trillion a year to the U.S. economy.
Drilling in our own waters and in Alaska would do more than increase federal government revenues. Drilling would create hundreds of thousands of jobs, produce billions of dollars in desperately needed state and local tax revenues, supports suffering US industries with low energy costs, keeps prices down at the pumps (that’s more money in your pocket), strengthens their economy, weakens our country’s enemies and much more. Drilling will also increase energy stock values that are owned by American trade unions, private citizens, city and state pension plans, teachers unions, private retirement funds, etc. etc. etc. If we really want health care, we could pay for it with the taxes from US oil. If we really want to reduce the debt then we could pay it down with the taxes from US oil. If we really want to reduce unemployment then we could create jobs with US oil.