Posted by Congressman John Campbell at 12:00 am on Aug 02, 2010 Comments Off on Drilling Moratorium and Other Notes
Offshore Drilling Moratorium: One of the
committees on which I serve is theJoint
Economic Committee. This committee is primarily tasked with
studying the U.S. economy, and consider factors which affect
it. Last week, we had a hearing on the subject of energy. One
of the witnesses was a professor from Texas A&M University. He
made a very interesting point about the Obama Administration’s
moratorium on offshore drilling. Ostensibly, the purpose of this
moratorium is to reduce the risk of another oil spill until such
time as acceptable oil spill prevention activities are in place, if
ever. Interestingly however, this professor challenged that
supposition. He pointed out that if the moratorium continues,
150,000 very high paying American jobs will be lost to Brazil,
India, and other places for a period of at least 2 years. But in
addition to that, the US will be forced to import more oil because
of the domestic oil production that will be lost. That imported oil
will come into the Gulf of Mexico and other ports, in ships. The
professor estimated that it will take 1,500 additional tankers full
of oil (roughly equivalent… Read More