The Obama administration is
poised to ban offshore oil drilling on the outer continental shelf
until 2012 or beyond. Meanwhile, Russia is making a bold strategic
leap to begin drilling for oil in the Gulf of Mexico. While the
United States attempts to shift gears to alternative fuels to battle
the purported evils of carbon emissions, Russia will erect oil
derricks off the Cuban coast.
Offshore oil production makes
economic sense. It creates jobs and helps fulfill America's vast
energy needs. It contributes to the gross domestic product and does
not increase the trade deficit. Higher oil supply helps keep a lid on
rising prices, and greater American production gives the United
States more influence over the global market.