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Just Another Reason to Drill Here and Drill Now

December 12, 2008

Hot Air via Investor’s Business Daily:

It seems funny to talk about a $1 trillion taxpayer- and debt-funded “stimulus” plan when there’s something we could do right away to boost the economy, create hundreds of thousands of jobs, shrink our trade gap and secure our energy independence: Drill for oil here, and drill for it now.

October’s trade data tell why. Despite a record plunge in oil prices from the late summer and into fall, the actual volume of oil we imported went up. Oil still accounts for nearly half our trade deficit (see chart) compared with less than 30% two years ago.

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Worse, at the peak of the oil-price spike, we were spending nearly $700 billion a year on foreign oil — an amount equal to the massive U.S. financial bailout passed last summer.

It’s not like we don’t have oil ourselves; in fact, we’re drowning in the stuff. But we’ve been told for years we can’t drill for it because it might spoil the wilderness or add to global warming.

If we develop our own supplies, we won’t have to worry about ever being cut off, as happened during the 1973 Arab oil embargo. Nor will we have to worry about high energy prices pushing the economy into recession.

We keep hearing there isn’t enough domestic oil to make a difference, but this is utter nonsense. According to U.S. government estimates, 86 billion barrels of oil lie undeveloped in the outer-continental shelf alone. Another 36 billion or so can be found offshore Alaska and in ANWR. Add to that 30 billion barrels or so in the lower 48. And even that understates the total.

The Green River basin, which straddles a wide swath of the West stretching from Colorado to Idaho, contains 1 to 2 trillion barrels of oil trapped in rock shale deposits. Yes, trillion.

Put in perspective, since the advent of the oil age in 1859, total world oil use has been 1 trillion barrels. Today, the U.S. pumps just 3.5 billion barrels of oil each year, while consuming about 7.5 billion. By exploiting what we have, we could be energy-secure for at least 100 years while we figure out how to make economically viable alternatives to oil. And taxpayers wouldn’t have to foot the bill.

For real stimulus, and a safer America, let the drilling begin.

-reagan21

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2 comments

  1. The primary source for oil is found in Oil Shale. There is the worlds largest deposits in Colorado(I think) that would produce enough oil to sustain the U.S. for 100 years. Main advantage would be that there is NO risk of oil spills in the ocean. And there is no need to wait on oil rigs and tankers to be built, which would make drilling off shore unavailable for 3-6 years. The good news is, these deposits have been owned by the Government since Hoover. So all they have to do is allow oil companies to obtain it.


  2. 1-wrong

    2-It is the environmentalist stronghold on the left and the RINOS which will never allow any oil company in preserved land.



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