A little-publicized API study revealed that over $1.7 trillion in government revenue could be generated through a single act of Congress.
...America’s vast domestic oil and natural gas resources [have] been kept off-limits by Congress for decades [and] 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 study released Monday shows.
The study analyzed offshore areas (arbitrarily blocked by Congressional mandates), Alaska's ANWR (Arctic National Wildlife Refuge) region and a small parcel of land in the Rockies.
Its determinations were startling:• Domestic crude oil production could be increased by as much as 2 million barrels per day (offsetting around 20% of imports by 2030)
• Natural gas production could increase by 5.34 billion cubic feet per day (roughly 61 percent of imports over the same period).
The study also estimated that the value of oil and natural gas resources on federal lands could exceed $4 trillion in total.
Bob McCarty notes that the highest weekly U.S. oil rig count was achieved on Dec. 28, 1981 -- during President Ronald Reagan’s first term -- with 4,530.
The all-time low for oil rigs? 488 on April 23, 1999, under Bill Clinton.
Baker Hughes reports that the January 2009 number was 1,553.
The U.S. is the only country that arbitrarily restricts its own access to energy.
Think about it. Trillions of dollars in value... hundreds of thousands of jobs... a resurgent economy... all are hamstrung by Democrat bureaucrats more interested in accruing power than in our well-being.
Hat tip Bob McCarty.
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