Cost of Obama: Gulf Oil Slowdown Costing 230,000 Jobs!

Russ Steele

The House of Representative has published a report that examines the lost jobs that are the results of Obama's regulatory policies:

The oil lease regulatory process is holding holding back oil exploration and production activity in the Gulf of Mexico. This delay is preventing economic benefits that will spread past the gulf states, to the entire country  if only the gulf oil activity activity were allowed to  match industry capacity.

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The study looks at the plan and permit levels in the six months following the lifting of the deepwater activity moratorium in October 2010. The analysis finds a:
    •    250% increase in the backlog of deepwater plans pending governmental approval
    •    86% drop in the pace of regulatory approvals for plans
    •    60% drop in all GoM drilling permits
    •    38% increase in the time required to reach each regulatory approval required.
   
One unexpected finding from the study was that “an increase in oil and gas activity reverberates throughout the broader economy,” said James Diffley, senior director of IHS Global Insight’s U.S. Regional Economic Group. “Each new hire (in the Gulf) results, on average, in more than three additional jobs in an array of industries around the country” – not just in the Gulf region.

You can read the rest of the report here.  In Spain they discovered that the creation of green jobs destroyed 2.5 jobs in the regular work force. According to this report one job in the oil industry creates three jobs in industries across the nation. Seems clear to me, that Obama should be focused on drilling for oil and gas and not spending taxpayer funded subsides to build wind and solar energy facilities. Facilities that raise the price of energy and kill jobs in other industries across the nation.