Home > newsroom > Page
Report Shows Obama Regulations Stifling Offshore Energy Production from Creating Hundreds of Thousands of Jobs, Billions in Revenue


WASHINGTON, D.C., July 21, 2011 - The Gulf Economic Survival Team (GEST) today released a nationwide study on the devastating job losses and economic impacts as a result of the significant slowdown in drilling activity in the Gulf of Mexico. The study observed the pace and volume of offshore plans and examined the economic consequences of slowed energy production in the Gulf created by the Obama Administration’s de facto moratorium.

“The burdensome regulatory process imposed by the Obama Administration is not only devastating to job creation and economic activity in the Gulf, but to every state in America. Despite the rosy picture the Administration likes to paint, their policies are continuing to punish job creators, hardworking families, and American energy production. I hope the projections in this report do not come true and we can put Americans back to work by resuming responsible and safe offshore American energy production” said Natural Resources Committee Chairman Doc Hastings.

  • Significant and Growing Backlog of Plans Pending Approval:
    • Pending deepwater exploration and development plans have increased an average of 18 plans pending to nearly 65 plans pending - a 250% increase.
  • Significantly Fewer Plan Approvals:
    • Deepwater exploration and development plan approvals are down from 130 per year to fewer than 30 per year - a 80% decrease.
  • Shallow water exploration and development plan approvals are down from 240 per year to fewer than 25 per year - a 90% decrease.
  • Declines in Drilling Permits Approvals:
    • Deepwater exploration and development drill permits approvals have declined from nearly 80 per year to only 30 per year - a 80% decrease.
    • Shallow water exploration and development drill permits approvals have also declined from nearly 390 per year to fewer than 180 per year - over a 50% decrease.
  • If offshore drilling activity in the Gulf of Mexico returned to pre-moratorium levels, the results would be:
    • 230,000 American jobs
    • More than $44 billion of US GDP
    • Nearly $12 billion in tax and royalty revenues
    • US oil production of more than 400,000 barrels of oil per day—or 150 million barrels per year

###

Printable PDF of this document


Contact: Jill Strait, Spencer Pederson or Crystal Feldman 202-226-9019

Latest News

Committee Leaders Request a 120-Day Extension to EPA’s Proposed Rule

On Friday, February 17, 2017, Natural Resources Committee Chairman Rob Bishop (R-UT), Energy and Commerce Committee Chairman Greg Walden (R-OR) and Transportation and Infrastructure Committee Chairman...... Read more

President Trump Signs Joint Resolution to Repeal Job-killing Stream Rule

Today, President Donald J. Trump signed H.J. Res 38 (Reps. Bill Johnson, R-OH, Evan Jenkins, R-WV, and David McKinley, R-WV), a joint resolution of disapproval under the Congressional Review Act relat...... Read more

House Passes CRA to Restore Alaskan Sovereignty and Local Management on Federal Wildlife Refuges

Today, the House passed H.J. Res. 69 sponsored by Rep. Don Young (R-AK). This joint resolution of disapproval under the Congressional Review Act will overturn the U.S. Fish and Wildlife Service (FWS) ...... Read more

View All News

Calendar

Oversight Hearing on Modernizing Western Water and Power Infrastructure in the 21st Century
Subcommittee on Water, Power and Oceans | 1324 Longworth House Office Building Washington D.C. 20515
View All Events