Natural Resources Committee Chairman Supports Oil Drilling Instead Of Tax Increases To Reduce Deficit
"Natural Resources Committee Chairman Supports Oil Drilling Instead Of Tax Increases To Reduce Deficit"
Rep. Doc Hastings (R-WA), who chairs the House Natural Resources Committee, pushed his idea for lowering the deficit in a FoxNews.com op-ed today: drill for oil to create jobs instead of raising taxes. “If the Joint Committee is serious about addressing America’s long-term budget issues, it must recognize the substantial economic potential of developing America’s energy resources,” Hastings writes. He adds that the U.S. is not maximizing its energy resources, which he says would create jobs and lower gas prices, and he blames the Obama administration for stymieing oil drilling with excessive regulations that “keep a large portion of our energy resources locked away.” But Hastings fails to note that the Obama administration has overseen a record increase in the number of oil rigs. And that the U.S. Energy Information Agency has reported that increasing oil drilling would only decrease gas prices by a few cents — in 2030.