During the GOP presidential convention last August, the chant of "Drill, Baby, Drill" could be heard echoing through the hall.

The Republicans lost and the Democrats have blocked any new attempt at off-shore drilling in the name of the protecting the environment.

But Thomas Pyle, President of the American Energy Alliance, says more than a million jobs and billions in tax receipts could be gained by permitting new drilling.

Money Q:

With more than 85 billion barrels of recoverable oil and over 440 trillion cubic feet of natural gas located right off our shores, exploration in the OCS stands to contribute $273 billion annually to the national economy. That's good news, especially for the 46 states that now face a combined $350 billion budget shortfall for the next three fiscal years. Economic relief wouldn't end there -- America would sustain approximately 1.2 million well-paying jobs each year over the life of production.

Democrats would rather "Spend, Baby, Spend" money they have yet to collect from future generations, than anger the environmental lobby that helps make up their coalition.

(Hat tip: The Merc's Tony Phyrillas)