New Study Shows Impact of Permitting Slowdown in the GulfPosted by Jamie Hennigan on January 13, 2012
Quest Offshore Resources, Inc. has released a study highlighting the economic consequences of the slowdown of deepwater and shallow water permitting in the Gulf of Mexico. According to the study, the Administration’s de facto moratorium has cost Americans tens of thousands of good-paying jobs and billions of dollars of domestic economic activity. It has also dramatically decreased potential domestic oil production. The study also examines the positive economic impact that would result from the Administration moving forward with permitting at pre-moratorium levels.
The news isn’t all bad though. The report goes on to highlight the economic boom other countries have experienced due to the Administration’s slow-walking of permits. Countries like Brasil, Egypt and Angola have seen over $20 billion of investments as a result of rigs leaving the Gulf of Mexico. Below are a few highlights:
Last year, House Republicans passed H.R. 1229, the Putting the Gulf Back to Work Act. This legislation would the end the Obama Administration’s de facto moratorium in a safe, responsible, transparent manner – putting thousands of Americans back to work and increasing American energy production to help address rising gasoline prices. H.R. 1229 passed the House of Representatives in May, and currently awaits further action in the Senate.