| The Economic Cost of a Moratorium on Offshore Oil and Gas Exploration to the Gulf Region |
 
Today, in New Orleans, ground zero of this economic disaster, we released a new study titled “The Economic Cost of a Moratorium on Offshore Oil and Gas Exploration to the Gulf Region.” The economic analysis, conducted by Hermann Moyse Jr./Louisiana Bankers Association endowed professor of banking at Louisiana State University Dr. Joseph Mason, shows how this administration’s moratorium is causing a massive jobs spill out of the Gulf region. Click here to view the paper. The results of this study are just the beginning. If the moratorium is extended beyond six months, these numbers could double – or worse. This massive spill of jobs is in stark contrast to what we heard from the White House at the beginning of the year. In his ‘State of the Union’ address, President Obama remarked, “jobs must be our number one priority in 2010.” He continued, “people are out of work. They are hurting. They need our help.” Since that January speech, the national unemployment rate has hovered at or above 9.5%. Hurricane Katrina, the BP Oil Spill, and most recently the offshore drilling moratorium have devastated the defiant Gulf Region. Each catastrophe has been overwhelming in its own right, but our newest study shows that the moratorium may cause a job spill that can’t be capped for the Gulf Region. Comments (1)
Doug
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Oil production is a dark and dirty time for our planet and the US economy is mired in it. Time to wake up! Fossil fuels are on their way out. What about the jobs of fishermen, shrimpers, people in the tourist industry? I know, they don't make the kind of money an oil executive does, but they have families too. Not only should their be a moratorium on new drilling but existing rigs in the gulf should be shut down...period! Save the environment and you just may be able to save humanity! |
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