Report Estimates Drilling Will Save the U.S. Trillions
By Jerry A. Kane
A new study released on Monday estimates the U.S. government ban on drilling will cost Americans $2.4 trillion over the next twenty years. According to the report prepared for the National Association of Regulatory Utility Commissioners, if lawmakers don’t lift the current ban on oil and natural gas drilling in restricted lands and offshore areas, prices for petroleum products and natural gas will increase by $1.6 trillion.
“We encourage lawmakers to heed the results of this study and take a closer look at the energy-rich areas in our country that are currently off limits,” American Gas Association President David Parker said.
The report projects the U.S. will pay OPEC $607 billion for additional oil. The study also increased estimates of available U.S. oil by 43 billion barrels and natural gas by 286 trillion cubic feet.