If we open up domestic oil exploration and development it can fund the next wave of clean technology development.
Congressional Research Service estimates that at $100 per barrel (far below today's price), producing the estimated 10 billion barrels of oil in Alaska's remote Arctic National Wildlife Refuge would generate $153 billion in new federal revenues. Consider the sums we could generate if we produced new American energy in the Outer Continental Shelf far off our nation's shores, where an estimated 86 billion barrels are locked away, and in the Inter-Mountain West, where some 800 billion barrels of oil is trapped in shale deposits.
By freeing those domestic resources and increasing the supply of American energy, we can fund development of better solar, wind, biomass and other breakthrough technologies.
Reliable energy is among the most liberating forces in the world -- socially, economically and intellectually. In those parts of the world where energy is scarce or too expensive for citizens, daily life is consumed with the drudgery that the absence of energy causes.