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Saturday, October 11, 2008

Two Ways to Replenish the U.S. Treasury After 1 Trillion in Emergency Spending

Option one: Raise taxes!

Option two:

The Congressional Research Service recently estimated the potential federal revenue from Arctic National Wildlife Refuge (ANWR) oil development at $191 billion over 30 years -- roughly $18.36 per barrel, based on projections of recoverable reserves. Applying that formula to the 107 billion-plus barrels of recoverable oil that federal agencies estimate is in ANWR, the nearby National Petroleum Reserve and offshore tells us that sensible drilling could yield nearly $2 trillion in overall revenue over 30 years, or an average of about $65.5 billion per year.
Add in the hundreds of billions of barrels of oil in other offshore areas as well as the trillions of cubic feet of natural gas and we could rake in trillions more. Maybe even enough to give Americans who actually PAY income taxes a tax break (and not just welfare checks for those who do not).

Guess which option Obama would choose?

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