The only way that oil drilling would positively impact the debt would be if:
A) the oil companies were nationalized, or
B) private oil companies were taxed up the wazoo.
That is not the way I'm looking at it.
1. Drilling our own oil would reduce our deficit. Less import.
2. Reduced deficit, means stronger dollar. Since Chinese RMB is pegged to the Dollar, it means a stronger dollar = a stronger RMB. Stronger RMB makes Chinese goods more expensive. This would be an opportunity for American manufacturers to sell more goods globally. More sales = more export. More export = lower deficit.
3. You know that high gas prices = high energy prices over all. Drilling would reduce crude price globally, thereby boosting our economy.
4. Since oil prices directly affects the price of everything, price of groceries, and practically everything else would fall. That means more money for Americans to setup new businesses, and create more tax payers. More tax payers = more revenue for the government. When the government has more revenue, it can pay down the debt faster.
5. Oil drilling would create jobs, i.e. reduce unemployment -> meaning more tax payers -> meaning more government tax revenue -> meaning quicker debt payment.
6. Domestic oil drilling = less money sent to Saudi Arabia = less money spent combating islamic terrorism = more money to pay down the debt.
Drilling for oil would have such huge ripple effects than I can even think about.
Now, I understand that there is a huge group of people in this country with tunnel vision. They've been told that oil pollutes, and therefore must be banned. My feeling is, if we've used oil for this long, and are still OK, we can use it several decades more, while slowly transitioning to alternative energy sources.
A liberal is someone who feels a great debt to his fellow man, a debt he proposes to pay off with your money.
A corporation’s primary goal is to make money. Government’s primary role is to take a big chunk of that money and give it to others.