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According to a new study by The American Energy Alliance, expanding energy exploration and production to U.S. offshore areas could result in more than a trillion dollar government windfall and millions of new jobs. The offshore areas in the study are the newly opened areas the Bush administration allowed to be explored when the moratorium was allowed to expire last year.
Based on their conclusions on data gathered from the Interior Department, Commerce Department and Treasury Department, oil and natural gas development would generate $1.7 trillion in federal tax revenue and almost $600 million in state and local taxes throughout the life span of the new fields. The increased offshore energy production would also support 1.2 million jobs annually which would go a long way in helping decrease the unemployment rate.
Liberal Democrats and their environmental-thug surrogates have called for placing additional limitations on offshore drilling or reinstating the ban completely which would do nothing to help the US decrease the importation of foreign oil. Interior Secretary Ken Salazar recently extended the public comment period on the Bush leasing proposal by 180 days, providing a total of 240 days to review the drilling plan through September. Now is the time to contact the White House and relay your support for new exploration. http://www.whitehouse.gov/contact/
Obama’s own Interior's Minerals Management Service estimates that the Outer Continental Shelf holds at least eighty-six billion barrels of oil and 420 trillion cubic feet of natural gas that has yet to be discovered. Offshore areas could contain even more oil and gas, especially since the areas that were under the moratorium have not been explored with new technology in 25 years. If the government would earmark these new taxes to pay down the national debt and not add them to the general fund, it would go a long way to helping offset Obama’s trillions that he is adding to it.
"The benefits would be realized without any increase in direct government spending," the report said. "Rather, increased, OCS output would refill national, state, and local government coffers--currently depleted by real estate and credit crises--with additional government outlays." This is just another example of letting the market fix itself instead of the government pouring trillions down the drain. The market will always fix itself if the government will just get out of the way and let it function. I have a new slogan that we could use: Drill here, drill now, pay less and stimulate the economy.
Monday, February 23, 2009
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