Lower Oil Prices, More Jobs, More Tax Revenues, and Union Support: What's Not to Like?
In all of the recent discussion about opening up America's vast energy resources, what has received the most attention is the potential effect on oil and gas prices. But there are two other important issues that have not received much attention - the effect of domestic oil development on: a) jobs and b) taxes.
From ANWR.org: The U.S. economy benefits from domestic production when new construction, service, manufacturing, and engineering jobs are created. These jobs occur in all 50 states. A national impact study by Wharton Econometrics estimates total employment at full production in ANWR to be 735,000 jobs. Federal revenues would be enhanced by billions of dollars from bonus bids, lease rentals, royalties and taxes.
And these jobs would be created across the country, not just in Alaska. To see the number of jobs created by state, go here. And that's just for ANWR, and doesn't count the new jobs from oil production in the OCS.
Aside from possible environmental concerns about devleoping America's 140 billion barrels of domestic oil reserves, what's not to like? We'd get lower oil and gas prices, more jobs and increased tax revenues. Seems like those outcomes should be welcomed by politicians of any party. And they'd even likely get the support of union members.