So, as we discussed yesterday, there is no oil out there. None to really speak of. There is no reason whatsoever to shut down all Drilling. Hopefully, the New Judges and Courts hearing the cases will say the same thing. There is only one reason for the Drilling Moratorium, other than pure Politics.
Jack Gerard, President of API, laid out a CLEAR and concise statement on what Harry Reid's NEW Version of the same old Energy and Job Killing Bill will actually do. Here it is.
Senate Energy Bill Threatens Jobs, Economic Growth
By Jack Gerard Tuesday 27 July 2010
Pretty easy for anyone with an IQ above 10 to understand. Again, I ask you this. No Oil. No disaster. No other DRILLING problems. Why do we need this?
The Senate bill unveiled today by Majority Leader Harry Reid moves forward with provisions that will cost American jobs, slow economic growth and will place our energy security at risk.
While full details of the Senate bill are not yet available, the liability provision sticks out as a jobs killer. Requiring an unattainable level of insurance coverage for domestic energy producers on the Outer Continental Shelf will force the vast majority of American companies out of U.S. waters, according to insurers.
This would cut domestic production, kill American jobs, slow economic growth and cost billions in federal oil and natural gas revenues.
Even those that could self insure operations would see costs skyrocket, driving investments out of the United States, further hurting our economy, employment and energy security, according to a recent analysis by Wood Mackenzie.
While we are glad that the bill recognizes the need to analyze the economic repercussions of the current deepwater moratorium, a better tack would have been to repeal it.
Majority Leader Reid suggests his bill will create 150,000 new jobs, but our analysis indicates that failing to develop in the deepwater of the Gulf of Mexico will cost more than that - 175,000 jobs, the majority of them in already hard-hit Gulf Coast communities.
Clearly, that is not a win for Americans.