Latest topics
A trillion-dollar missed opportunity – enough to pay U.S. deficit
Page 1 of 1
A trillion-dollar missed opportunity – enough to pay U.S. deficit
Posted: December 6, 2010 by Ken Cohen
On the heels of the Administration’s recent decision to place a de facto moratorium on offshore drilling in the eastern Gulf of Mexico and the Atlantic, we asked readers of today’s Wall Street Journal if they knew how much that decision might cost in terms of lost government revenue.
According to a study by ICF International, expanding domestic energy development in America’s offshore areas could alone generate $1.3 trillion in government revenues over the life of the resource – along with major increases in jobs and economic activity that result from offshore development.
To put this figure in perspective, consider the following numbers:
In 2010, the U.S. federal budget deficit was $1.3 trillion.
The total U.S. national debt currently stands at about $13.8 trillion.
The U.S. oil and natural gas industry contributes more than $1 trillion a year to the U.S. economy.
As I indicated in my commentary on Wednesday about the moratorium, this decision is a real missed opportunity to spur economic growth, create more jobs and strengthen U.S. energy security. You can read more in last week’s post: DOI’s offshore plan: a missed economic opportunity that also weakens U.S. energy security.
http://www.exxonmobilperspectives.com/2010/12/06/a-trillion-dollar-missed-opportunity-enough-to-pay-u-s-deficit/?utm_source=Outbrain&utm_medium=cpc&utm_content=A+trillion-dollar+missed+opportunity+?+enough+to+pay+U.S.+deficit&utm_campaign=Perspectives_-_Trillion&utm_source=Outbrain&utm_medium=cpc&utm_campaign=Perspectives_-_Trillion_Dollar#print
On the heels of the Administration’s recent decision to place a de facto moratorium on offshore drilling in the eastern Gulf of Mexico and the Atlantic, we asked readers of today’s Wall Street Journal if they knew how much that decision might cost in terms of lost government revenue.
According to a study by ICF International, expanding domestic energy development in America’s offshore areas could alone generate $1.3 trillion in government revenues over the life of the resource – along with major increases in jobs and economic activity that result from offshore development.
To put this figure in perspective, consider the following numbers:
In 2010, the U.S. federal budget deficit was $1.3 trillion.
The total U.S. national debt currently stands at about $13.8 trillion.
The U.S. oil and natural gas industry contributes more than $1 trillion a year to the U.S. economy.
As I indicated in my commentary on Wednesday about the moratorium, this decision is a real missed opportunity to spur economic growth, create more jobs and strengthen U.S. energy security. You can read more in last week’s post: DOI’s offshore plan: a missed economic opportunity that also weakens U.S. energy security.
http://www.exxonmobilperspectives.com/2010/12/06/a-trillion-dollar-missed-opportunity-enough-to-pay-u-s-deficit/?utm_source=Outbrain&utm_medium=cpc&utm_content=A+trillion-dollar+missed+opportunity+?+enough+to+pay+U.S.+deficit&utm_campaign=Perspectives_-_Trillion&utm_source=Outbrain&utm_medium=cpc&utm_campaign=Perspectives_-_Trillion_Dollar#print
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
- Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Wed Mar 27, 2024 6:02 am by Ditartyn
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Mar 23, 2024 9:25 am by swizzlestick
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej
» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Sun Jan 28, 2024 3:28 pm by Mission1st
» Tucker talking Canada
Wed Jan 24, 2024 6:50 pm by kenlej
» Almost to the end The goodguys are winning
Mon Jan 22, 2024 9:03 pm by kenlej
» Dinar Daily Facebook Page
Mon Jan 22, 2024 3:34 pm by Ponee
» The Fundamentals of Finance and Pimpy Live
Thu Jan 18, 2024 7:17 am by Dinarhater
» Why Won't the Iraqi Dinar Scam Die?
Wed Jan 17, 2024 5:19 pm by RamblerNash