Bluey and Burnett: More oil would mean smaller deficit
By blocking drilling, Obama turns down billions in needed revenue
by By Robert Bluey and H. Sterling Burnett
May 04, 2011
With the price of oil at more than $100 per barrel, higher gasoline prices are eating into Americans’ budgets. Consumers, however, are not the only ones losing out. The various taxes, lease revenues and royalty payments to federal, state and local governments for oil and gas production on public lands is a significant source of revenue - among the largest sources outside of the personal income tax. Yet, the Obama administration stubbornly clings to a “no new production in our backyard policy” - while blaming oil companies for high prices.