Free Republic

Billions of dollars in potential oil revenue that could help close the federal deficit is being lost as a result of President Obama’s anti-drilling agenda. Production in the Gulf of Mexico — which normally accounts for about 30 percent of all U.S. production — is expected to drop this year by 220,000 barrels per day, according to projections from the U.S. Energy Information Administration. With oil currently at $90 a barrel and the royalty rate at 18.75 percent, that equals $3.7 million in lost revenue each day.

President Obama’s oil spill commission will release its long-awaited final report this morning, recommending new government regulations and limits on drilling. These conclusions could shape the future of the oil industry — and impact our nation’s energy policy for years to come. The commission’s primary focus was determining the cause of the spill. Last week it revealed that errors by BP, Transocean and Halliburton contributed to the blowout of the Macondo well, resulting in the deaths of 11 people and the worst spill in history. But the commission’s members have decided to go a step further. The anti-drilling measures recommended...