I have written often about the need to develop the energy reserves of the USA rather than relying on imported energy. My principal focus has been on natural gas that can be extracted from shale (such as in the Marcellus shale in Pennsylvania). Domestic resource development would increase employment, grow the economy, enhance our security and increase government revenues.
Three days ago, Wood Mackenzie Energy Consultants released a detailed study showing the effect of a more growth oriented American energy policy. The report is a must read and can be reached by clicking on the title to this post. The key points here, though, are these: Replacing the Obama policy that discourages drilling with a new policy that promotes the use of domestic reserves would add 670,000 jobs in the USA by 2015. It would also reduce imported oil by about one and a quarter millon barrels per day. That means about $125 million less sent abroad every day of the year. It also means ten billion in additional government revenue directly from the oil and gas industry in that year. The study also finds that by 2030, there would be 1.4 million more jobs, 10.3 million barrel of oil less imported daily into the USA and additional annual government revenue of 100 billion dollars.
It seems like a no brainer to move towards energy self sufficiency, job creation, and lower government deficits. The current Obama policy, however, goes in exactly the opposite direction. He is such a loser.
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