The increased economic activity from heavily-populated developing nations like India and China indicates that the demand for oil is likely to increase well into the future. The least we can do is step aside and let companies determine whether these projects are economically feasible.
President Obama said in his announcement today that “This is not a decision that I’ve made lightly.” It should have been. Offshore drilling will create jobs and increase energy supplies without cost to the taxpayer. It will create revenues for financially strapped state governments and increase revenues for federal governments. Unfortunately, we won’t realize many of these benefits because this decision was more about getting “drilling” in the headlines than in our nation’s waters.
The Foundry
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