From:                              John (Jack) R. Venrick [[email-masked]]

Sent:                               Sunday, November 14, 2010 9:07 PM

To:                                   AJack R. Venrick

Subject:                          SHOCK! Offshore Drilling Moratorium Would Cost United States
175,000 Jobs Per Year Through 2035

----- Original Message -----

Sent: Tuesday, July 27, 2010 10:20 PM

Subject: SHOCK! Offshore Drilling Moratorium Would Cost United
States 175,000 Jobs Per Year Through 2035

SHOCK!
Offshore Drilling Moratorium Would Cost United States 175,000 Jobs Per Year
Through 2035

by Bob McCarty

http://biggovernment.com/bmccarty/2010/07/27/shock-offshore-drilling-moratorium-would-cost-united-states-175000-jobs-per-year-through-2035/#more-149642

During a 45-minute
conference call with journalists from 40 major media outlets this morning, Jack
Gerard shared some startling predictions about the future health of the
nation’s oil and natural gas industry if the Obama Administration gets
its way in adding more regulation and increasing taxes on offshore drilling in
the Gulf of Mexico. The biggest one of all is enough to cause anyone to take
pause:

“The
administration’s moratorium, if continued indefinitely — or similar
legislative proposals which would make the deep water unavailable or uneconomic
— would cost this country 175,000 jobs every year between now and 2035,
according to our latest analysis,” said Gerard, president of the American
Petroleum Institute, a group representing some 400 oil and natural gas
companies.

And that’s not
all!

“The Gulf of
Mexico accounts for 30 percent of our domestic oil production and 13 percent of
natural gas,” Gerard explained. “The deepwater areas account for 80
percent of the Gulf’s oil production and 45 percent of its natural gas
production. Twenty of the highest-producing leases are in the deep
water.”

When one considers
that the oil and natural gas industry, according to Gerard, supports 9.2
million workers and 7.5 percent of all U.S. gross domestic product, even a
small percent of decline can have a tremendous impact on the economy.

According to an API-produced report
released today, the economic impact of a complete shutdown of deepwater
drilling would yield some awful results. For instance:

(more…)