Democrats Bludgeon Jobs in the Gulf and the Oil & Gas Industries

Jack Gerard, president of the American Petroleum Institute, says the government mandate against deep water wells in the Gulf of Mexico will cost 175,000 jobs each year until 2035.  The American Petroleum Institute represents 400 oil and gas companies.  The industry provides 9.2 million jobs and produces 7.5% of the U.S. GDP.  In June 2010, the number of Americans employed was down to a mere 140.0 million, so 9.2 million oil and gas provided jobs is 6.6% of the workforce.  Since these workers produce 7.5% of the GDP, they are clearly more productive than the average worker.  Other consequences of the Democrat vendetta against deep water oil and gas production are:

• A reduction of GDP by more than $20 billion per year.
• A cumulative GDP reduction of $500 billion by 2035.
• U.S. oil production reduced by 27%.
• Oil imports up by 19%.
• The cost to import oil to replace lost production through the end of 2011 will be $10 billion.
• The oil and gas industry is half of all Gulf of Mexico economic activity or $234 billion.  Companies hurt by the oil moratorium may be bankrupted or fail, causing jobs in the Gulf states to die.  Some companies will move away to other areas of the world.
• The Gulf of Mexico produces 30% of our domestic oil production and 12% of natural gas production.
• An oil rig platform provides up to 1,400 jobs with wages totaling $10 million per month.
• The 33 oil rig platforms pay out $300 million per month in pay.
• A 6-month moratorium on deep water drilling will cost 50,000 jobs and about $2 billion in lost wages related to the oil drilling platforms themselves.

But, you are not to worry.  If your job is lost, the Democrats are happy to make you a ward of the state.  They will extend your unemployment benefits and transfer wealth from private sector workers to you.  Of course, eventually, they tell you, you will have a green job in alternative energy.

Worry, if you are one of those just over half the population who pay income taxes, while struggling to retain your job in this largely government-induced recession.  Then even as your energy costs are driven higher by the Democrat unreasoning hatred for fossil energy, you will get to take on higher taxes, watch your assets further depreciate, worry about retaining your job in the ever more burdened private sector, and wonder how bad the future will be with fewer and fewer productive workers and more and more moochers.

Oh, on those green jobs, you will be better off investing in the Brooklyn Bridge.  It at least exists.  It even has a reason to exist.

Life goes on, but sometimes our government ensures it is a whole lot rougher than it needs to be!