- The Washington Times - Tuesday, May 10, 2011

ANALYSIS/OPINION:

The insightful article titled “More oil would mean smaller deficit” (Commentary, Thursday) actually just deals with one aspect of the self-defeating refusal by the Obama administration to restore and expand oil drilling in the United States.

If, as Robert Bluey and H. Sterling Burnett note, we have a projected decline of production of 240,000 barrels of oil per day in the Gulf of Mexico this year, that means we are importing an additional 240,000 barrels per day. At a cost of about $100 per barrel, our trade deficit will rise by $24 million per day, or about $9 billion per year. Moreover, the jobs created by producing and transporting oil from the Gulf instead of a foreign country would also make a substantial contribution to the struggling American economy.

One can speculate how much downward pressure increased American production would have on oil prices, but at whatever price, it is unnecessarily costing the American economy dearly.

JEFF GAYNER

Washington

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