Weblog Commenting and Trackback by HaloScan.com The Barnyard: Want To Close The Budget Deficit

Thursday, December 11, 2008

Want To Close The Budget Deficit

The best way is to aggressively limit spending while at the same time freeing up domestic energy production in all its forms. The basis of any economy is access to energy in a readily available and affordable form and it doesn't take an economist to understand that basic fact. We should start counter suing all the econut green groups that deprive us of affordable energy based on their fraudulent global warming theories.

My friend at the American Petroleum Institute sent me these statistics on just how much revenue opening up previously closed areas to oil and natural gas production would bring into the government coffers as well as the hundreds of thousands of high paying jobs it would generate.

The development of America's vast domestic oil and natural gas resources that had been kept off-limits by Congress until recently could generate more than $1.7 trillion in government revenue, create thousands of new jobs and enhance the nation’s energy security by significantly boosting domestic production, a new study shows.

The ICF International study, commissioned by the American Petroleum Institute (API), shows that developing the offshore areas that had been subject to Congressional moratoria until recently, as well as the resources in Alaska's Arctic National Wildlife Refuge and a small portion of currently unavailable federal lands in the Rockies, would lift U.S. crude oil production by as much as 2 million barrels per day in 2030, offsetting nearly a fifth of the nation's imports. Natural gas production could increase by 5.34 billion cubic feet per day, or the equivalent of 61 percent of the expected natural gas imports in 2030.

The study also estimates that the development of all U.S. oil and natural gas resources on federal lands could exceed $4 trillion over the life of the resources.

"This study underscores how the oil and natural gas industry can enhance America's energy security and help solve our economic problems by increasing production of our nation’s vast oil and natural gas resources," said API President and CEO Jack N. Gerard. "The U.S. oil and natural gas industry supports more than six million jobs, and more drilling for oil and natural gas will mean more energy for America, more well-paying jobs, and trillions of dollars of much-needed revenues that will help federal, state and local governments pay for critical services."

According to the ICF study, U.S. crude oil production would rise by 36% by 2030 if development is permitted in the studied areas of the Outer Continental Shelf, ANWR and the Rockies and domestic natural gas production would rise by 10%. By 2030, this activity would create 160,000 jobs.

The entire PDF report can be found here.

Why send all those jobs and dollars over seas when we can keep them right here in the US?


Gayle said...

Goat, I'm thinking that the Dems in Congress don't want thousands of jobs to open up in this country. If they did, then wouldn't they see the light? 160 thousand jobs would be such an enormous boon to our country, but the past actions of congress leave me convinced that they are actively attempting to destroy it in order to make us dependent on them. Personally, I think they should be charged with attempting to destroy our economy!

The Griper said...

son of a gun, a woman who sees the strategy of socialism. :)

a society that is dependent upon their chosen politician rather than on their chosen employer to provide their needs.