Today's St. Petersburg Times posted an article by Dave Mica on the benefits offshore drilling would bring to the American economy.
Mr. Mica points out:
There are a lot of complex issues involved in the energy debate. What would be the impact of American oil independence? There is a move right now to make the American dollar no longer the currency used to buy oil. If America were oil independent, would this matter? Our dollars would be going to American companies--balancing our trade and putting Americans to work. I also wonder how powerful OPEC would be if America were energy independent.
There is also another issue here that may be below the radar. In the 1970's an agreement was made with Saudi Arabia that we would support their government in exchange for their support of the dollar being used to trade oil. That explains a lot of the schizophrenic policies we have had toward Saudi Arabia over the years. Offshore drilling would make that a moot point and might result in saner policies in the Middle East.
Why is our government unwilling to reach for energy independence?
Mr. Mica points out:
"According to an ICF International study, commissioned by the American Petroleum Institute, development of America's vast domestic oil and natural gas resources that had been kept off-limits by Congress for decades could generate $1.7 trillion in revenue for federal, state and local government. According to the same study, domestic development could also create thousands of well-paying jobs. Given the benefits, why does the administration continue to delay new and increased development?"While the American Congress prohibits American companies from offshore drilling, other countries (less careful about the environment) are drilling in these waters. It is economic foolishness to keep any restrictions on offshore drilling for American companies in place.
There are a lot of complex issues involved in the energy debate. What would be the impact of American oil independence? There is a move right now to make the American dollar no longer the currency used to buy oil. If America were oil independent, would this matter? Our dollars would be going to American companies--balancing our trade and putting Americans to work. I also wonder how powerful OPEC would be if America were energy independent.
There is also another issue here that may be below the radar. In the 1970's an agreement was made with Saudi Arabia that we would support their government in exchange for their support of the dollar being used to trade oil. That explains a lot of the schizophrenic policies we have had toward Saudi Arabia over the years. Offshore drilling would make that a moot point and might result in saner policies in the Middle East.
Why is our government unwilling to reach for energy independence?
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