JobKiller Obama’s Offshore Drilling Moratorium May Damage Economy More Than The Spill. Billions Of Dollars And Thousands Of Jobs.
The presidential offshore drilling moratorium will cost approximately US $2.1 billion in economic loss to the states along the Gulf of Mexico (GoM) in first six months, according to a recently released paper.
“The Economic Cost of a Moratorium on the Offshore Oil and Gas Exploration to the Gulf Region” was written by Dr. Joseph R. Mason, Louisiana State University endowed chair of banking and renowned economist. Mason said he estimates the moratorium will see a loss of 8,000 jobs and $500 million in lost wages in the Gulf Coast in the first six months.
“The moratorium will cost the Gulf Coast region jobs, money, and economic development,” he said. “In fact, the moratorium could be more costly than the oil spill itself.”