Oil, oil everywhere but not a drop to drill

According to the Senate Republican Conference, offshore oil drilling will help mend the economy, increase jobs, lower gas prices, and strengthen national security.

“Last year Americans sent more than $700 billion overseas in the form of oil payments, this is the largest wealth transfer in the history of the world,” said Senator Jeff Sessions (R-Ala.) during a hearing on domestic energy supplies.

“That is $700 billion in foreign bank accounts that could have been invested in American firms, local communities, and American jobs.”

Associate Director of the Center for Energy Studies at Louisiana State University David E. Dismukes touched upon the potential energy supply, claiming that there are 41 billion barrels of oil and 210 trillion cubic feet of natural gas reserves in the restricted areas of the outer continental shelf.

Environmental concerns were addressed as well. Group Director for Upstream and Industry Operations for the American Petroleum Institute Doug Morris explained,

“The offshore industry today has an outstanding environmental record. According to the U.S. Minerals Management Service, since 1980 offshore operators have produced 4.7 billion barrels of oil and the total spills equal only 0.001 percent of this amount.”