We can’t tax or spend our way into prosperity, but along with some other growth-friendly policies, we can drill our way into prosperity. To a large extent, that is already happening.
Yesterday, Trump’s secretary of the interior, Ryan Zinke, announced a five-year energy strategy to open up all offshore drilling areas — in the Gulf, Atlantic, Pacific, and off Alaska’s coast — to leasing. The plan includes 47 potential lease sales: 19 off the coast of Alaska, 7 in the Pacific region, 12 in the Gulf of Mexico, and 9 in the Atlantic region — the most of any proposed plan. Under current practice, 94 percent of the outer continental shelf is off-limits to drilling, whereas Trump’s plan would open 98 percent of the recoverable reserves to extraction.
Together with the tax cuts, this plan will help grow the economy, create jobs, increase revenue for the feds and for the states, and realign our national security and foreign policy strategy by taking away leverage from Russia and Islamic countries who use oil as a weapon for geo-political bullying.
The Trump administration made the pursuit of “energy dominance” a critical focus of its national security strategy (NSS), and for good reason. The fracking revolution has already sent energy prices tumbling and has also allowed us to surpass Russia in natural gas exports. And thanks to Congress finally lifting the ban on crude oil exports in 2015, we are dominating international markets and setting records. According to the International Energy Agency (IEA), the U.S. is set to account for 80 percent of all growth in global oil production over the next 10 years. The U.S. already exports more natural gas than it imports and is expected to become a net exporter of oil by 2025. We are expected to surpass Qatar as the largest exporter of liquified natural gas by the mid-2020s.
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