President Obama's Moratorium on Oil Drilling is Costing Tens of Thousands of Jobs

There are several unreported effects of President Obama's reaction to the Gulf oil spill. One is the cost to British pensioners of Obama's verbal attack on BP and the subsequent price meltdown of that companies stock. The other unreported effect is the thousands of Gulf jobs lost by the 6 month drilling moratorium and the subsequent expected drop in oil production.

Energy Tomorrow reported:

Several organizations have offered estimates of the drilling moratorium’s impact on consumers, the U.S. oil and natural industry, and the nation’s energy security:

* Adam Sieminski of Deutsche Bank predicted that U.S. oil production could fall by 160,000 barrels of oil per day by next year. (Financial Times)

* Bernstein Research said delays from the moratorium and rising costs stemming from new safety regulations are likely to raise the marginal cost of deepwater production by about 10 percent. (Financial Times)

* Paul Cheng of Barclays Capital warned that the higher costs could eliminate small independent companies...