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Why Is America's Vast Supply Of Untapped Crude Oil

1037 Words5 Pages

Oil is one of the most used resources in the world. It fuels our cars, warms our homes, and powers commerce. Oil is the source of billions of dollars in revenue and the cause of millions of deaths in the power struggle to control the oil fields of Africa and Middle East. According to the CIA Factbook, America consumed 6,894,850,000 in 2013. Clearly, oil is an extremely significant commodity that America greatly depends upon. Yet, America imports most of its oil. In order to match supply with demand, America should utilize her vast supply of untapped oil. America has some of the world’s largest supplies of crude oil. According to Forbes, America has an estimated 200,000,000,000 barrels of untapped crude oil. Most of this oil is found off …show more content…

According to the Energy Information Administration, the oil and gas sector provides almost 600,000 jobs. If America were to increase its oil production, naturally this number would increase dramatically thus providing valuable jobs for a nation struggling with unemployment. A single ocean drill provides hundreds of jobs. Jobs for the construction workers who build the drill, jobs for the employees who drill on-site, and jobs for the people who process the oil on land. In addition to increasing oil production, America needs to remove the ban on oil exports. In 1975, Gerald Ford enacted a ban on all oil exports except in select circumstances. This act was put in place during a time when America was facing an oil shortage crisis. This is not the case anymore. The ban is now hurting the very people it was created to help, John Hess of The Wallstreet Journal states that “the export ban is a relic of a previous era, put in place around the time of the 1973 Arab oil embargo against the U.S., when Washington thought very differently about ensuring America’s energy needs.” Exporting will increase American oil companies’ revenue by vast amounts. The $25,000,000,000 that America currently gives to Persian countries for oil could go to American companies who would then pay everyday American workers. OPEC countries currently hold political power due to their near-monopoly on oil production, if America starts to export, it will pull that power away from OPEC countries. John Deutch of The Wallstreet Journal gives his opinion on the matter, “Let’s hope the export ban is lifted…the result will increase US jobs and increase [America’s] influence in world markets”. Allowing increased oil production and exportation will decrease prices at the pump and provide Americans with increased

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