Energy Tomorrow Blog
Study: Effects of Gulf Drilling Policies Detailed
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Mark Green
Posted January 11, 2012
Policies have consequences. Certainly, we’ve seen economic impact in the 2010 decision to halt deepwater drilling in the Gulf of Mexico and the subsequent slow pace of oil and natural gas permitting. A new study released by API underscores this:
The effects of the deepwater drilling moratorium and subsequent permit slowdown have already reduced total capital and operating expenditures in the Gulf of Mexico by a combined $18.3 billion for 2010 and 2011 relative to pre‐moratorium plans. Since April 2010, eleven deepwater drilling rigs have left the Gulf of Mexico. These rigs have gone to countries such as Brazil, Egypt and Angola. Through 2015, the investment in other regions instead of the U.S. associated with these rigs is estimated to be over $21.4 billion including drilling spending and associated project equipment orders, even accounting for the portion of equipment that will likely be manufactured in the United States. As a result of decreases in investment due to the moratorium, total U.S. employment is estimated to have been reduced by 72,000 jobs in 2010 and approximately 90,000 jobs in 2011.
Getting to 92 Percent
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Mark Green
Posted June 17, 2011
Contrasting Energy Visions
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Mark Green
Posted May 17, 2011
Energy Tax Two-Step
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Mark Green
Posted May 16, 2011
Energy, Taxes and Exxon
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Mark Green
Posted May 10, 2011
Why Are Gas Prices Rising?
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Mark Green
Posted January 19, 2011
Offshore Drilling Can Resume for 13 Companies
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Jane Van Ryan
Posted January 3, 2011
The Price of Fuel and Ill-Conceived Policies
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Jane Van Ryan
Posted December 30, 2010
A Surprising and Wrong Decision
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Mark Green
Posted December 13, 2010
More Drilling Delays Announced
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Jane Van Ryan
Posted December 9, 2010