Posted on 07/27/2010 6:01:26 PM PDT by Nachum
During a 45-minute conference call with journalists from 40 major media outlets this morning, Jack Gerard shared some startling predictions about the future health of the nation’s oil and natural gas industry if the Obama Administration gets its way in adding more regulation and increasing taxes on offshore drilling in the Gulf of Mexico. The biggest one of all is enough to cause anyone to take pause:
“The administration’s moratorium, if continued indefinitely — or similar legislative proposals which would make the deep water unavailable or uneconomic — would cost this country 175,000 jobs every year between now and 2035, according to our latest analysis,” said Gerard, president of the American Petroleum Institute, a group representing some 400 oil and natural gas companies.
And that’s not all!
“The Gulf of Mexico accounts for 30 percent of our domestic oil production and 13 percent of natural gas,” Gerard explained. “The deepwater areas account for 80 percent of the Gulf’s oil production and 45 percent of its natural gas production. Twenty of the highest-producing leases are in the deep water.”
When one considers that the oil and natural gas industry, according to Gerard, supports 9.2 million workers and 7.5 percent of all U.S. gross domestic product, even a small percent of decline can have a tremendous impact on the economy.
(Excerpt) Read more at biggovernment.com ...
shocked.......shocked i say......yawn
Well, Obama *did* run on a platform of making energy costs go sky-high.
The list, ping
I can see November from my house!!!!1
The Leftists are doing what it takes to shut down America. Gotta make America equal to Zimbabwe ya know!
We have a Muslim suicide bomber as president.
Totally unexpected!
Libs don’t care.... they are heading full-steam ahead for complete socialism - and an unemployed populace only creates a “revolution” mindset that has fueled communist revolutions around the world. And instead of pointing out this fact, the Repubs just sit and scratch their butts.
Sorry, even Hussain isn’t this stupid. By that I mean he has to know the economic effects his policies are having. The only logical conclusion is that this is all intentional. This is no revelation to conservatives, but I really think the average reality show watching dolt or MTV watching college age voter has no clue what this POS infesting the WH is doing to our once great country.
Sorry, even Hussain isn’t this stupid. By that I mean he has to know the economic effects his policies are having. The only logical conclusion is that this is all intentional. This is no revelation to conservatives, but I really think the average reality show watching dolt or MTV watching college age voter has no clue what this POS infesting the WH is doing to our once great country.
You are absolutely right.
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