Obama energy policy yields all risk, no reward.

Great commentary by Sen. Lisa Murkowski regarding President Obama’s plan to enact a 5-year ban on all offshore drilling in the Gulf of Mexico, Atlantic and Pacific oceans. To wit, it only applies to the United States.

As we continue our endless debate on whether we should have more Outer Continental Shelf development and where, all our neighbors have chosen to proceed. Cuba, Mexico, the Bahamas, Canada and Russia are all moving ahead on offshore development adjacent to our borders.

Each of those nations has weighed the economic benefits of offshore production against the potential environmental risks. All five have decided it is in their best interest to proceed. This means two things for our nation.

First, we fail to boost our offshore production at our own expense. America’s neighbors are not drilling for fun or for sport; they’ve chosen to proceed to create new jobs, generate new revenues, and increase the energy supply and prosperity of their citizens.

… Less obvious, but just as real, are the environmental impact that may still result even if we refuse to boost offshore production.

Like it or not, development is now under way in waters all around us. Mexico is advancing on a deepwater well only 22 miles from U.S. waters in the Gulf of Mexico. Before year’s end, Cuba is scheduled to drill 60 miles from Key West, and the Bahamas are proceeding with leases not much farther away. Canada is actively drilling projects not far from Maine’s coastline and proceeding towards development in the Beaufort Sea, just east of Alaskan waters. Along Alaska’s western boundary, Russia is aggressively moving into the Arctic Ocean, with exploration at the very edge of the boundary of Alaskan waters.

In a few years, the U.S. could wind up in a regrettable position—exposed to all of the risks of offshore development but with no control and none of the rewards. … Sitting on the sidelines will also mean we have minimal influence on the standards and regulations for foreign operations. Regardless of our relations with neighbors, it’s not realistic to expect them to match our requirements if we are not demonstrating that they are both workable and profitable.