Today, while American oil companies are banned from drilling into the deep sea bed between Key West and Cuba, more than half a dozen countries are tapping that oil from Cuban waters. So locking up these oil fields isn't helping the environment of the Keys one iota, nor is it helping the U.S. economy.
The only result from banning oil exploration in certain areas of the United States is that our domestic supply of oil, the lifeblood of industry, public safety, and our military, has dwindled. In 1980, we imported 30 percent of our fuel supply. We now import 60 percent. What that means at $130 per barrel is that we are transferring massive amounts of American wealth to some of our worst enemies, including Iran, Venezuela, and Putin's increasingly belligerent Russia. It also means that if we have to take military action against any of these countries gas could hit $20 a gallon.
The greatest myth of the 21st century is that we are out of oil. We aren't out of oil. It's estimated that there are 2 trillion barrels of the stuff just in the shale of the Rocky Mountains. That's enough to meet our current domestic needs for 250 years. In other words, if we tap that supply, we—not Saudi Arabia—could be the world's greatest exporter of petroleum.
Greens will tell you that it takes 10 years to develop an oil field, so drilling these places will not help us now. That's true. But if Congress had approved drilling in ANWR in 1995 instead of voting against it, we would now have that oil. We wouldn't be paying $4 a gallon for regular. We wouldn't be about to face massive inflation as the oil spike spreads through the entire consumer economy. And our law enforcement agencies wouldn't have to be cutting back on services and asking for more tax dollars to buy fuel. (See cover story on page 50.)
We need to find an alternative to oil. But we can't just wave a magic wand and make it so. Maybe the best way to fund research into alternative fuels would be to tax oil companies $5 a barrel for oil extracted from ANWR, the Rockies, and deep water platforms on our coasts.