Since the Offshore Drilling Moratorium was Imposed it is estimated the Gulf Coast area lost around 12,000 jobs and 1.1 billion worth of wages lost. Again, this is just around the Gul Coast.
However a new study by consulting firm Wood Mackenzie, and paid for by the American Petroleum Institute showed that if the regulations on oil would be lifted it could create 1.4 million jobs and over 36 billion in government revenue. However this would take a lot of policy changing by the Obama administration.
The study outlines a “development policy case” that includes opening up areas where drilling is now off-limits, including the Atlantic and Pacific Coast, Alaska’s Arctic National Wildlife Refuge (ANWR) and the eastern Gulf of Mexico.
The “development” case would also include expanded access in the Rocky Mountains, the National Petroleum Reserve-Alaska and off the coast of Alaska.
Other policies that the study models include allowing shale gas drilling in New York; faster permitting in the Gulf of Mexico, where leasing already occurs; federal approval for the controversial Keystone XL pipeline to link Canada’s oil sands crude to Gulf Coast refineries; and other steps. Wood Mackenzie estimates these steps would create roughly 1.1 million jobs by 2020, and produce an additional 1.27 million barrels of oil-equivalent (BOE) per day by 2015 and 4.19 million BOE in 2020, even more by 2030.
This is just the start of the benefits we as Americans can benefit from lifting oil drilling regulations. Keep in mind this is just one industry that our current liberal government has destroyed. Over the years many has been affected. From coal mining to building ships. America is destroying itself with its own regulations and socialism type policies against businessmen and entrepreneurs. Our country has vast amounts of resources and if allowed to be exploited from the earth would rebuild our economy and wealth let alone offer millions of jobs and more products, better and cheaper products for the consumer.
Always remember, “The American Dream”.