Bill Cassidy Address Obama's Moratorium on Deep Water Drilling
February 3, 2012
"The Gulf Oil Spill has been terrible for the Gulf Coast. But as bad it has been, the Federal Government's moratorium on deep water drilling can be worse."
Mr. Speaker, eighteen months ago, I spoke these words while I had the honor of offering a motion to immediately end President Obama's moratorium on deep water drilling.
A recent study found that because of the moratorium, a two --thirds cut in new permitting, and the overall slowdown in production, nearly half of oil & gas focused businesses on the Gulf Coast have reduced their wages or laid off employees, and more than half have not added any new workers. In addition, 41% are not turning a profit, and 70% have had to draw from their savings accounts to meet their basic operating expenses.
The Gulf Oil Spill was a tragedy, but the moratorium has made it even worse. Continuing these policies that restrict production will only lead to more economic loss and unemployment.
For the sake of job creation, affordable domestic energy, and a stronger economy for all Americans, I call on Congress to reverse these counterproductive policies and let the Gulf Coast get back to work.