Administration Caving to Fringe Environmental Lobby
On the campaign trail Barack Obama is taking care to hit all the right chords on job creation. But, when its feet were held to the fire this year, the Administration sided with special interests and the environmental lobby instead of providing Americans with surefire jobs.
Last year, the Obama Administration seemingly stood up to the environmental lobby by allowing leases for oil exploration in the Alaskan Outer Continental Shelf (OCS) to move forward. This was welcome news for Shell, which is looking to open exploratory wells in the Chukchi and Beaufort Seas this summer, and for over 50,000 American workers that would see long-term jobs come out of Alaskan oil exploration.
In turn, America would get approximately 700,000 barrels of domestically-produced oil per day for at least 40 years. And this is only a fraction of the oil that could lie under the surface in the Arctic. The U.S. Geological Survey estimated in a 2008 study that the Arctic holds 90 billion barrels of oil and 1,669 trillion cubic feet of natural gas – roughly 22 percent of the world’s undiscovered oil supply.