The good news is that the United States has vast potential resources within our borders—although much of it has been inaccessibly because of government restrictions. Eighty-five percent of our coastal waters have been off-limits to drilling. This area is projected to contain 19 billion barrels of oil and 83 trillion cubic feet of natural gas. The Heritage Foundation estimates that the natural gas alone would be able to supply America’s homes for 35 years.
A growing majority of Americans today recognize the importance of increasing domestic energy supplies and support allowing additional oil and gas exploration from coastal areas, as well as inland to leverage our vast oil shale deposits in the West. A Gallup poll taken this summer found that 57 percent want to allow drilling in U.S. areas that are currently off limits.
To this end, the Congressional Majority—who had made great effort to block proposals that would have meaningfully increased America’s capacity to drill—have been forced to relent and allow a 26 year moratorium on coastal drilling to expire as of October 1. Yet, as House Appropriations Chair David Obey (D-Wis.) recently noted, “this next election will decide what our drilling policy will be.” In short, the prospect of accessing our vast reserves will likely be determined soon after November 2008.
Perhaps Congressional Democrats hope that lower gas prices will reduce the pressure to allow for greater drilling. But higher energy costs will undoubtedly be on many families’ minds as they prepare for winter and what promise to be some record-breaking heating bills.
Of course, it’s not just families who will be hit by higher heating costs. Just like with gas prices, these costs ripple through the economy. It will cost more for office buildings, factories, and store fronts to stay warm, just as it will cost more for hospitals, public libraries, and schools.
The public shouldn’t feel too bad for our nation’s public schools, which have seen massive budget increases in recent decades. But the pressure on school budgets may help liberals understand the growing burden energy costs are placing on our economy in terms they understand: Yes, Speaker Pelosi, it’s time to drill—for the sake of the children.