The Full Cost of the Drilling Moratorium

Jazz Shaw
HotAir.com
12/4/2010

While the original story of the new drilling moratorium was covered here at Hot Air, the new unemployment numbers which came out this week highlight an even more disturbing aspect of this proposal by the administration. Jack Gerard of the American Petroleum Institute (API) sent out a rather graphic warning to President Obama on Wednesday which laid out the danger of such a decision.

Jack Gerard warned that the administration’s decision today not to allow offshore drilling in the eastern Gulf of Mexico, the Atlantic and the Pacific in the government’s next five-year drilling plan could result in the loss of tens of thousands of American jobs, billions less in government revenues and an increasing dependence on foreign energy sources.

In a longer study compiled by API, some of the alarming facts and figures are brought to light…

Read the rest at HotAir.com

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