Toward the end of his term, former President George W. Bush ramped up talk of drilling in Alaska’s Arctic National Wildlife Refuge, sparking a major controversy among the political parties. Then candidate Barack Obama opposed that plan, and still does. But should the federal government reconsider the idea of increasing fuel supply by expanding oil production somewhere in the U.S.?

In Florida, there is talk of such for certain reasons; some want to lease coastal areas to oil companies as a means to stimulate job growth and tax revenues in a state that is suffering just like all the others. Opponents of drilling off the coast of Florida cite threats to the environment and tourism industry, while proponents say it will help reduce our dependence on foreign oil (as well as help grow jobs and tax revenue, as mentioned). Louisiana Sen. Mary Landrieu and Alaska Sen. Lisa Murkowski are cosponsoring a similar bill for similar reasons in Congress - the Domestic Energy Security Act of 2009 - which would allow for oil drilling in the eastern Gulf of Mexico.

Meanwhile, some analysts foresee a drop in oil development and production in the next few years as demand shrinks, regulations pertaining to renewable energy kick in, and new refineries open abroad that provide competition - and cheaper fuel - to the U.S. Industry forecasters say anywhere form 6 to 10 percent of U.S. refining capacity will be lost by 2011 due to these factors, with potentially half of  those closures occurring in the Gulf Coast region.

Given all of these variables, the next couple of years will a bit rocky, to say the least, for the domestic drilling and refinery industry, and it’s difficult to predict how things will shake out. How it will impact the trucking industry is even less sure. But as we have mentioned in previous posts, initiatives are being discussed now that offer new fuel alternatives and business strategies to prepare the trucking industry for a new economic terrain. Take advantage of them! Or, at least tell us why you agree or disagree.

So, what ARE your thoughts on expanding drilling and refinery capacity in the U.S.? How do you think the trucking industry will be impacted by more or less domestic oil production?