coveyrise Wrote:
Oct 05, 2012 7:58 AM
Take Crude Oil as just one example. We currently import 9 million barrels of crude oil every day. This costs the US Economy between $430 billion and $540 billion annually. This is capital and jobs drained from the US economy and deposited in someone else's foreign bank account every year. If we produced this from Federal Land and Offshore Leaseholds and collected a 20% royalty at current market value it would generate $162 million per day in new revenue at just $90 per bbl. When you factor in the nearly 9 million new jobs this would generate and the income taxes paid as a result it's another $70 billion annually in new revenue without increasing taxes by one dime.