Keep drilling. We need the oil and the jobs.

Much has changed since 1969. The nation’s demand for oil has surged, rising more than 35 percent over the past four decades, while domestic production has declined by a third. Oil imports have doubled, and the United States now buys more than 12 million barrels of oil a day from other countries, about two-thirds of its needs.

The politics have also changed. Republicans want to boost domestic oil production to reduce the nation’s dependence on foreign oil. High on the Democratic agenda is reducing carbon emissions that cause global warming. To bridge the gap, the White House has backed a compromise that would expand domestic offshore exploration in exchange for Republican support for its climate policy.

There is another reason why offshore drilling is likely to continue. Most of the big new discoveries lie deep beneath the world’s oceans, including in the Gulf of Mexico. For the oil companies, these reserves are worth hundreds of billions of dollars and represent the industry’s future…

[D]eveloping credible, cheap and abundant alternatives to oil will take many decades, and in the meantime, cars need gasoline and planes need kerosene. The United States is still the world’s top oil consumer by far. Even as China grows, the United States consumes twice as much oil.