DRILLING WILL GENERATE NEEDED TAX REVENUE & SELF-SUFFICENCY
Posted by straight shooter on February 24, 2009 under PoliticalReuters reports this morning …
Expanding energy exploration and production to U.S. offshore areas that were off limits until recently could result in more than a trillion dollar government windfall and millions of new jobs, a report said on Monday.
Oil and natural gas development in newly opened offshore areas will generate $1.7 trillion in federal tax revenue and almost $600 million in state and local taxes throughout the life span of the new fields, according to the study conducted by the American Energy Alliance.
The increased offshore energy production would also support 1.2 million jobs annually.
“Those benefits would be realized without any increase in direct government spending,” the report said. “Rather, increased OCS output would refill national, state, and local government coffers – currently depleted by real estate and credit crises – with additional government outlays.”
The Democrats continue to hold our oil and natural gas hostage from drilling which in turn continues to hold America hostage to self-sufficiency from South America and the Middle East.