Friday, September 17, 2010

Fed Moratorium Study Blasted by Critics

The federal government released a so-called report Thursday saying the oil moratorium put in place in the Gulf of Mexico in response to the BP (NYSE:BP) oil spill isn't causing as much economic damage as originally thought.

The government says the moratorium has only caused the temporary loss of 8,000 to 12,000 jobs in the Gulf region, and about $1.8 billion less in spending.

Allegedly on 2,000 oil rig workers have been out of work during the six-month ban, and the other job losses from the Obama administration came from business serving the industry, such as suppliers.

Critics of the ban, which is just about everybody in the Gulf states, say the oil drilling ban has been devastating to the Gulf economy. They have estimated that as many as 50,000 workers would be affected by the ban.

The first estimate from the Interior Department was for 23,000 workers to be out of work from the moratorium.

I wonder if they're taking into account the four oil rigs already gone or leaving the area, with oil companies saying more will leave in the near future.

Those are thousands of jobs that will never return to the region.

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