Image From ..politico.com
With the national average price of gasoline at $3.34 per gallon and rising, with many cities seeing 10-cent price hikes in the past week, it's easy to see only the negatives.
There are some positive things to keep in mind too, and Jack Gerard, CEO of the American Petoleum Institute, raised some of those points in his annual State of American Energy speech last week.
Of course, he said all the things you'd expect the spokesman for 'Big Oil' to say... He made the usual statements about America's national security interests being linked directly to its energy independence and made the oil barons sound like they were doing something noble by exporting all that oil to overseas customers eager to pay lots of money for it.
But he also said some things that we should all keep in mind.
"We have more oil and natural gas than anyone thought possible even 20 years ago: more potential energy than many oil-exporting nations in the Mideast, and more than most countries in the world," said Gerard. "And, if you consider oil and natural gas—as well as our other fossil fuel--coal, the United States has the largest energy resources in the world. More than Saudi Arabia, more than Russia, more than China, Venezuela, Brazil, and more than Iran – Iraq – Libya – and Kuwait combined."
"Accessing more domestic oil and natural gas on federal lands currently off limits would mean an additional 1.4 million jobs by 2030 with 1 million of those jobs created in just 7 years," said Gerard.
"Pro-development energy policies could return $803 billion to the federal government in 2030," he added.
Those energy jobs can't get here fast enough and seven years is too long to wait to pay our bills. According to USA TODAY, our gross domestic product of $15 TRILLION is exceeded by our debt of $15.23 TRILLION. Yes, our debt is now greater than the entire U.S. economy.