The Job Moratorium

July 29, 2010 08:30

A new analysis of the effects of the offshore drilling moratorium shows more to worry about than beaches and tourism. Massive job loss and economic hardship lie ahead, and we’re doing it on purpose. – IBD

IBD Editorial

“It’s been 100 days since the Deepwater Horizon disaster cast a pall over America’s energy future while endangering the environment onshore and off. Whether it was due to negligence or the inherent dangers of deep-water drilling, it pales in comparison to the self-inflicted wound of increased energy regulation and taxes and the Obama administration’s moratorium.

President Obama has succeeded in turning a crisis into an economic disaster. During a conference call with journalists, Jack Gerard, president of the American Petroleum Institute, detailed the harmful effects of expected new energy taxes and regulation in administration proposals.

“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,” Gerard told journalists on the call.”


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