Adding insult to injury, foreign countries from all over the world are drilling near our coasts. Canada is drilling near Maine, Russia near Alaska, and Mexico is busy developing its vast reserves. Cuba is now soliciting help to drill within its waters, a mere 60 miles away from Florida. The position of this Administration is pro-drilling, as long as the oil wells being developed are in foreign waters. President Obama laid out this policy when speaking in Brazil, “We want to work with you. We want to help with technology and support to develop these oil reserves safely, and when you’re ready to start selling, we want to be one of your best customers.”
President Obama’s refusal to embrace domestic drilling from American companies has exacerbated our economic downturn. Simply allowing U.S. companies to develop natural resources currently prohibited by the federal government would have huge economic and geopolitical benefits. A million jobs would be created over the next ten years—literally. Drilling projects are enormously expensive, labor intensive projects that cost billions to undertake. These new wells would nearly double our domestic oil output adding another 4 million barrels to our daily production. And lastly, the government would receive around $127 billion in additional revenue, all according to a Wood Mackenzie study.
House Republicans have passed numerous bills that would expedite permitting in pro-drilling states like Alaska and Virginia only to watch them die in the Senate. With unemployment hovering around nine percent the American people are crying out for jobs. President Obama and his Department of the Interior should get out of the way and let American oil and natural gas producers do what they do best—employ Americans.