Ignoring The Cost Of The Drilling Moratorium

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Politico today is reporting on some amazing statements by David Axelrod.   Mr. Axelrod was on Fox News Sunday.  When questioned about the fact that oil rigs are beginning to leave the Gulf of Mexico because of the drilling moratorium, Mr. Axelrod stated:

"These are rented rigs, and they go from place to place.  It's not an optimal situation, but obviously we're dealing with the greatest environmental catastrophe of all time. ... It's been a tremendous tragedy for that region. We don't want a repeat of it because we're imprudent."  

Mr. Axelrod further stated that the job losses in the Gulf were not due to the moratorium--they were due to the disruptions in fishing, tourism, etc.   While he is partially correct, a very large percentage of the jobs lost are because of the moratorium.  The industries that support drilling as well as the drilling make up a large portion of the economy along the Gulf coast. 

We need to remember that slightly under 32 percent of the oil used in the United States comes from the Gulf of Mexico.  We have voluntarily cut off one third of our oil supply.  I am not sure when we will begin to feel this at the gas pump, but I can guarantee that it will be coming.  When you remember that President Obama's ideal price for gasoline in this country is $7 a gallon (this would be created by his Cap and Trade program), you wonder exactly what the moratorium is about.  I suspect we will see gasoline prices climb sharply just after the November election, but I am sure that will be explained as pure coincidence.

Until we have a cheap, reliable, alternative source of energy, we need to continue drilling in the Gulf of Mexico.  We cannot expect to balance the budget and subsidize every uneconomical green energy source that comes along.  Spain has proved that--they recently abandoned their green energy program because it was expensive and was destroying jobs.  We need to learn from their experience.

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This page contains a single entry by Granny G published on July 11, 2010 10:50 PM.

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