September 15, 2008

Drilling to save the environment

Here is another interesting economic analysis (with a little facts and numbers for those who like hard data) from the New York Times on US offshore drilling.

According to Robert Hahn, director of the Reg-Markets Center at the American Enterprise Institute, and Peter Passell, senior fellow at the Milken Institute, coastal drilling in restricted US territories will only lower gas pump prices by a few cents in a long term. However, they also said that the failure to develop these oil resources would cost the state and federal governments hundreds of billions of dollars in royalties and taxes.

More on this post...
Post a Comment