Mitt Romney on Thursday unveiled a plan to make the US an "energy superpower" and achieve North American "energy independence by 2020." It would happen, the plan says, largely by curbing environmental restrictions and handing off to states traditional federal responsibility for overseeing oil and gas drilling on federal lands.
In addition to achieving energy security and shrinking trade deficits, the plan claims it would also produce 3 million new jobs and a $500 billion boost to the economy with "lower energy prices for job creators and middle-class families." All told, about $1 trillion in royalties would flow to federal, state, and local governments, the plan states.
But critics say the economic benefits are based on policy calculations that have been out of date for decades and note that while the word "oil" is mentioned 154 times, "climate" is not mentioned once.