Breitling Oil and Gas Morning Podcast #101 June 28th, 2012

The Obama Administration is hardly gung-ho about increasing fossil-fuel production. Yet the Department of Interior recently called on oil and gas companies to “develop the tens of millions of acres” of public land “they’ve already leased.”

This “touché” was intended to blunt criticism from the oil industry that federal bureaucrats were obstructing domestic energy production. But the Interior Department’s new report simply attempts to distract Americans from the feds’ constricting approach to domestic oil and gas production, a policy which deprives the American economy of thousands of new jobs and hundreds of billions of dollars in gross domestic product.

America’s oil and gas industry supports more than nine million U.S. jobs and nearly 8 percent of our country’s economy, while delivering more than $86 million in daily federal taxes. Such economic success would not be possible if oil and gas firms allowed truly lucrative leases and land to sit idle. That is what the profit system is all about.

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