Cliff Stearns: “Good morning, Madam Speaker. A question for all of us: Why would the most powerful economy in the world leave so much of…”

“Good morning, Madam Speaker. A question for all of us: Why would the most powerful economy in the world leave so much of its own energy sources untapped? Alone among all the countries, the United States has placed a substantial amount of its oil and natural gas potential off limits. Other countries have the potential to drill just off their shores, but United States' firms face strict restrictions on drilling in most offshore areas even as American drivers face sharply higher prices at the gas pump. Domestic oil and gas production has failed to keep pace with the growing demand both domestically and abroad, but it's not because we're not lacking for domestic energy. Since the 1990s, the Federal Government has placed severe restrictions on new energy development, particularly in some of our most promising areas. As this graph shows, Congress has placed over 85 percent of our Outer Continental Shelf off limits. Back then, oil and natural gas were cheap, and the need for additional energy was not considered significant. Also, the 1989 Exxon Valdez oil tanker spill led to the heightened environmental concerns about offshore energy production. Environmental concerns took precedence over future economic considerations.”