Given the disappointing news this week that the United States failed to add any new jobs to the economy in August, it is more pressing than ever that the White House do all it can to get Americans back to work.
Payrolls for last month stagnated, too, showing their weakest reading since this time last year – another reason we need to open the oil-rich Gulf of Mexico to more exploration. Unfortunately, President Obama and his administration have thus far been doing the exact opposite of what they ought to have been doing in the Gulf where energy is concerned. The number of permits granted every month since the start of the drilling moratorium last year has dropped 78 percent from its historical average, according to analysts – and this has been the direct cause of at least 10 rigs’ exit from the Gulf of Mexico since the administration’s moratorium on drilling began last year. Another eight rigs that were set to explore in the Gulf have gone to other countries, taking with them hundreds of jobs.
Increasing offshore exploration and production could create approximately 530,000 jobs by 2025, according to a January 2011 Wood MacKenzie analysis. It could also produce an additional 411,000 barrels of oil daily and add $44 billion to the economy next year, per analysis firm IHS Global Insight.
Imagine what ending regulatory overreach could do for people like Lori, whose story can be found in the video below: