This is a list of some of the significant benefits that would be achieved by so doing.
1. Lower energy costs brought about by increased domestic supply. Estimated $10 to $20 crisis premium — 25 cents to 50 cents per gallon — in today's oil price ould disappear. You should no longer have the cost and pollution resulting from shipping oil and gas from the Middle East.
2. Lower food costs. There would be less diversion of corn into ethanol, resulting in lower corn prices, hence lower food prices. No need for 41-cents-a-gallon subsidy to ethanol producers.
3. Creation of tens of thousands of high-paying jobs from domestic oil exploration and production. That number would be increased many times, if you include structural and service jobs that resulted.
4. Removing the disadvantage American industry faces from high energy costs, preserving many jobs, especially in areas using natural gas as feedstock, such as chemical and plastics.
5. Tax revenue from sale of leases, production royalties, payroll taxes and corporate income taxes.
6. Reduce federal budget deficit.
7. Reduce our foreign trade deficit. Petroleum products are one of our largest imports.
This is a win/win for everyone, including environmentalists.
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