The Ripple Effect
As a native of Louisiana, I have many family and friends whose livelihoods depend on the oil industry. I have seen first-hand the negative effects of President Obama’s deep-water moratorium. Unemployment, repossessed homes, and bankrupted businesses are just a few of these damaging effects. The delayed drilling has created a ripple effect encompassing the entire Gulf region and beyond. We are struggling against our own tsunami; its far-reaching wave is drowning our economic future.
My curiosity and concern mount as this delay continues. Though the moratorium has been lifted, the administration has imposed new safety regulations. These new permits are required before oil companies can resume deep-water drilling. Noble Energy was approved the first new safety permit. This is a step in the right direction, but more are required to improve our economic situation.