As a part of our ongoing efforts to answer your energy-related questions, here is a question from our live webcast:
Question: It seems all the major oil companies are investing in locating and producing more oil. However, most of these investments are going overseas. The U.S. is has reached a point where we are more dependent on foreign oil than our own domestic supplies. The U.S. is in financial turmoil too. Unemployment is nearest its high levels. Our economy is stagnant. Our government is increasing our deficit. Why hasn’t our administration grasped reality and allowed oil companies to invest in the U.S. and develop our own natural resources?
Answer: It is imperative that the right energy policies are set in place so that we’re able to develop the natural resources in the United States. Not only will this provide jobs for thousands of Americas—our neighbors, family and friends—but it will also help to support our struggling economy and ensure that we’re safely developing our domestic resources. It is important that as Energy Nation advocates, we continue to make our voices heard to legislators, letting them know that it’s in our best interest to develop the natural resources here at home.
With the Bureau of Ocean Energy Management, Regulation and Enforcement (BOEMRE) estimating that total undiscovered, technically recoverable Outer Continental Shelf (OCS) resources could approximately provide 86 billion barrels of oil and 420 trillion cubic feet of gas, we must encourage Congress and the administration to allow these resources to be developed.