If you penalize oil and gas, and add taxes, it is going to make it much more difficult and more expensive. That means U.S. jobs are exported and we won't get the revenues from royalties.
Oil executives fear the lesson of $5-a-gallon gasoline is lost, and that American consumers will pay the price, vulnerable to shortages in the short term and a continued dependence on foreign oil for decades to come.
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By William La Jeunesse
ABOARD THE NOBLE PAUL ROMANO — Almost 140 miles off the Louisiana coast, aboard the drill ship Noble Paul Romano, workers punch an 8-inch steel pipe four miles under the ocean in search of America's next barrel of oil.
"If we don't increase our own oil production in the U.S., our dependence on foreign oil won't go down," said Marathon Oil executive Woody Pace.
The drill ship is the size of a football field. Twelve anchors the size of an average living room hold the rig in place while a synthetic-diamond cutting blade bores deep into sand and rock.
Like other oil explorers, Marathon is being forced farther and farther out into the Gulf to find oil. Deeper water means more expensive oil.
"We may spend anywhere from $100 to $200 million just to find out if we have commercial hydrocarbons," Marathon Vice President Annell Bay told FOX News. MORE
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