What’s the best cure for a recessionary environment? Apparently, raising energy prices and killing jobs. The Obama Administration admitted to both because of the Department of Interior’s (DOI) newly announced offshore drilling safety regulations. Katie Howell of E&E reports:I do like a warmer climate, if only I were able to sell my house............
The Obama administration is acknowledging that its new offshore drilling safety regulations will raise costs for the oil and gas industry—and may also delay some offshore development, slightly increase gas prices and kill some jobs.
The new rules unveiled last week would increase operating costs by an estimated $1.42 million for each new deepwater well drilled with a floating rig, $170,000 for each new deepwater well drilled with a platform rig and $90,000 for each new shallow-water well, according to an Interior Department notice released yesterday.
Sunday, October 17, 2010
Obama Administration Admits New Drilling Rules Will Kill Jobs
It is a beautiful fall Sunday in New England. I do have a family birthday celebration to prepare for later this afternoon. The subject has already come up this morning as to if the Republicans win in November what difference will it make for the country. Will the jobs come back? Will we start the process of pension reform and stop spending more than our government can afford? The President was in Boston yesterday to rally his base and campaign for the re-election of his friend, the governor, Deval Patrick. He was heckled as you will be told, you might not hear about the a large contingency of Tea Party rebels that where in attendance. Anyway, my point, America is still a wonderful place to live, but just keep the thought of where else you might want to live in this world..............just in case.