A Strong Economy Needs Abundant Energy Resources

It's the Economy, Stupid!
The Obama - Pelosi regime appears to be a bit confused as to what it is supposed to be doing. Therefore they have spent an undue amount of time doing things they shouldn't. Like closing off vast areas of promising fossil fuels deposits to development, thus instituting energy starvation upon an already struggling economy. Talk is cheap, Mr. President. But what you are doing is not helping to put Americans back to work, nor is it helping to provide the vital energy that the American economy needs.

Barack Obama made a big fuss over his plan to open more U.S. acreage to exploratory oil and gas drilling. But wildcatters aren't overly excited about the prospects. Though the plan added acreage in Alaska for possible leasing, some choice sites there were yanked. Drillers still have to wait for environmental studies before a lease sale may be held. Even then, they'd need to do seismic surveys and get federal air permits before touching drill bit to earth. Expect environmentalists' lawsuits, too.

The President asserted that "drilling alone cannot come close to meeting our long-term energy needs." Really? A study released in February by the National Association of Regulatory Utility Commissioners, prepared by researchers at defense contractor SAIC and nonprofit research house GTI, finds that the U.S. has more than 200 billion barrels of oil and 2,000 trillion cubic feet of natural gas that are recoverable with today's technology. That's more than most OPEC nations. If fully developed, it would be enough to eliminate our 10-million-barrel daily diet of foreign oil for half a century.

Most of the bonanza is in federal waters, at least 50 miles offshore, along the outer continental shelf (OCS). Onshore, the biggest prize is Alaska, with some 15 billion barrels, much of it in the Arctic National Wildlife Refuge.

Opening up more federal acreage--only 17% is available now--would bring a windfall to the U.S. in bonuses, rents and royalties. Fishkind & Associates also figures that developing Florida's western coast would lead to 50,000 new jobs. Or we could just keep importing oil from Venezuela. _Forbes

Mr. Obama's grades in college and law school are still embargoed -- off limits to citizens of the country that is supposed to be putting their trust in the man. Mr. Obama's speech writers and political operatives deserve high marks, over all. Mr. Obama himself? Still waiting for something good.