Obama even reversed an earlier decision to open access to coastal waters for exploration, placing a seven-year ban on drilling in the Atlantic and Pacific Coasts and in the eastern Gulf of Mexico. Oil production in the Gulf is expected to drop by 220 thousand barrels per day in 2011, which is going to cost the U.S. some $1.35 billion in revenues in 2011.
Not only are we losing oil production and revenues, the administration's actions are destroying jobs in the oil industry and elsewhere. Many companies are going out of business. The Heritage Foundation reports that Seahawk Drilling, of Houston, laid off 632 employees before recently filing for bankruptcy as a direct result of Obama's moratorium and subsequent "permitorium." Seahawk owned and operated 20 shallow-water rigs in the Gulf. Randall Stilley, president and CEO of Seahawk, said, "As an American, you never want to look at your own government and say they're hurting you personally, they're hurting your business and they're doing it in a way that's irresponsible. I'm not very proud of our government right now and the way they handled this."
Cooper explains that these crippling policies are having a negative rippling effect throughout the economy. Many vendors, suppliers, restaurants and retailers are losing revenues or going out of business. More than 30 deepwater rigs, which each employ around 200 people, have moved from the Gulf to other markets. While the industry is on "life support," Obama is at war with it, brazenly spending billions to support foreign oil and jobs in Brazil.
Making matters worse, the administration and congressional Democrats are considering legislation that would further damage energy businesses by significantly increasing taxes on domestic oil and gas concerns. And just in the past few days, we've been reading that the administration is floating a plan to tax cars by the mile.
Can you imagine the insanity and insensitivity of raising taxes on this ailing industry and its consumers (drivers) at a time when both need all the relief they can get?
Obama is no less determined to cram his preferred energy alternatives down Americans' throats than he was to force feed us socialized medicine. Again, where is the outrage?