Though Clifford May began his essay lamenting that the U.S. had no buried treasure in a time of “eco­nomic distress,” he quickly made the argument that it did. Recent discoveries of vast amounts of domestic and Canadian shale oil and gas that petroleum engineers can now access inexpensively are one part of that treasure. Laying hold of it, May wrote, will “enhance both economic and national security” of the U.S., which has now become a net exporter of petroleum products. An ample domestic supply of many fuels also provides “insurance” against $200 per barrel oil in the event of conflict in the Middle East.

Though the government should not pick winners and losers, May believes that sound policy may usefully do three things: “Make transportation fuels more abundant, more diverse, and cheaper.;” reduce dependence on imports from hostile govern­ments; and restore a competitive market for fuels, which should include an end to ethanol subsides and import tariffs. Those tasks require responsible regulation, proper incentives, and acceptance of “competent studies” indicating that new methods need not cause “environmental harm.”

Should the government encourage exploitation of the oil in the Gulf of Mexico and Alaska and open for exploration both federal lands and the Arctic Ocean, the U.S. could gain access to another part of its petroleum treasure as well as likely benefit from new jobs and larger revenues.

Natural gas is not only a fuel for electric power plants and heavy trucks; converted to methanol it can inexpensively power automobiles. Should the government support an “all fuels” policy, it might lower the price of oil from one hundred to only eighty dollars a barrel and thereby aid the U.S. balance of payments and encourage job growth.

May asserts that “rational people” recognize that economic growth and protection of the environment are not incompatible and do not respond to global climate change by promoting policies that impoverish their fellow citizens. Such people also acknowledge the need for harmonizing economic and national security policies. A wealthy nation effectively using its “scientific, entrepreneurial, and natural resources” will “revitalize America” creating jobs and boosting revenues without resort to tax rate increases even as it also protects its environment.