Gov. Schwarzenegger recently opposed new offshore drilling and called on the government to do more to preserve coastal waters. As gas prices have rocketed over the past year, support for offshore drilling has increased. Would you join Schwarzenegger’s drive to lobby for more ocean preservation, or do you think it’s more important to seek new oil?
Gov. Schwarzenegger’s blocking access to the more than $1 trillion worth of oil off our coast is shortsighted and harmful.
Modern slant drilling from land can reach most of our offshore oil without new rigs. Extracting American oil is far cleaner than paying foreign nations to ship their oil to us.
The royalty value to California on oil within our territorial waters is worth at least $20 billion on the 1 billion barrels of oil we know about (more than 9 billion barrels in federal waters). With new exploration, this amount would likely rise to $100 billion — money the state needs to balance its budget without new taxes.