Joe Biden says he is doing “everything he can” to reduce gas prices, but the administration reiterated its adamant opposition to new leases for energy development on federal lands.
This is sheer madness. Several years ago CTUP commissioned a study (which we are now updating) estimating the value of America’s energy resources underneath federal lands. Here is a brief summary and let’s hope SOMEONE from the Biden administration is reading the Hotline:
This study concludes that the energy stored under federal lands and waters are worth between $25 and 50 trillion, with the value dependent on the future market price of these resources.
Most of these resources are not on or near environmentally sensitive lands and are recoverable with existing technologies. Drilling for these resources could expand national output by at least $150 billion a year almost immediately – adding at least one-half percentage point to the GDP each year. These resources could also generate as much as $2 trillion in new tax revenues to federal, state, and local governments through income taxes, lease payments and royalties. Few conceivable tax increases could raise that kind of money. As many as 6 million new oil and gas drilling jobs could also be generated through an aggressive pro-drilling policy.
So here is our question for Joe:
If you were heavily in debt and were told that all you had to do to eliminate 90 percent of what you owed was to allow someone to drill a lateral well under your property, would you do it? So why aren’t we?
Drill Baby, Drill