Industry Study: Dems Cost US $2.36 Trillion in Oil Money
In 2009 Democrats scrapped oil and gas leases in Utah, permanently banned drilling in the Arctic National Wildlife Refuge (ANWR), and nixed offshore drilling.
For decades Democrats have blocked efforts to responsibly develop this nation’s energy resources, transforming vast areas of opportunity into “The No Zone.”
A new study was released recently that examined the cost of these democratic policies of not drilling and developing domestic oil reserves. The SAIC Corporation discovered that democrats will cost the US $2.36 Trillion through 2029.
Bloomberg reported, via HotAir:
Restrictions on oil and gas drilling will cost the U.S. economy $2.36 trillion through 2029, according to a study requested by state utility regulators and paid for in part by industry-sponsored groups.
Drilling restrictions in Alaska’s Arctic National Wildlife Refuge and off the U.S. coastline are blocking access to about nine years’ worth of U.S. oil and gas consumption, according to the report. Among sponsors are the National Association of Regulatory Utility Commissioners and the industry-funded Gas Technology Institute, of Des Plaines, Illinois.
Former President George W. Bush and Congress ended bans in 2008 on drilling along the U.S. coastline. The Interior Department hasn’t acted to open the newly available areas, including offshore Alaska and on the U.S. Outer Continental Shelf in the Atlantic and Pacific oceans. Congress has kept the Arctic refuge off limits.
Ed Morrissey added:
There are obviously some opportunity costs lost in the refusal to use our own resources for energy production. Instead of sending billions to Brazil to boost oil production off of their coast, the private sector could invest its own money into leases and extraction. This would create hundreds of thousands of high-paying jobs here in the US, as well as reduce our trade deficit. It would provide a more stable bridge towards our shift to replacement energy sources in renewables, while boosting access to cheaper energy in the short run to make the American economy more dynamic. Without it, energy prices will rise much faster than inflation, making our economy more sluggish than necessary.