Much of the most promising American oil lands have been declared off limits for oil drilling and production for many years. This has cost us all lots of money at the gasoline pump, but the effects elsewhere may be even bigger. The office of US Rep. John E. Peterson has prepared an estimate of the royalties (which means government revenues that wouldn't come from individuals' taxes) that could be realized, and arrives at the astonishing figure of 2.5 trillion dollars. This figure may be too high (and few details are on offer about the study), but even if the study doubles what would be realized, it would amount to a staggering sum. Not to mention the spin-off wealth and tax revenues from increased domestic economic activity, when drilling and production is done here instead of overseas. Plus the effects on retail prices of enhanced oil supplies from offshore, ANWR, and federal lands int he West.Meanwhile, the Democrats in Congress remain committed to impoverishing...(Read Full Post)