George Voinovich: “Meanwhile, the Gulf of Mexico is now under a revised moratorium on deepwater offshore drilling imposed by President…”

“Meanwhile, the Gulf of Mexico is now under a revised moratorium on deepwater offshore drilling imposed by President Obama and the Department of Interior. This moratorium jeopardizes 30 percent of this Nation's domestic oil production and 13 percent of our natural gas production. There are 33 drilling platforms currently idle in the Gulf of Mexico. That doesn't sound like a large number, but keep in mind that these rigs are really the size of factories. Each platform supports as many as 1,400 direct and indirect jobs, which means that as many as 46,200 jobs could be lost in the short term because of this moratorium. As these are good-paying jobs, this could amount to as much as $10 million in lost wages per month, per platform. Further, the moratorium threatens the livelihood of more than 300,000 oil and gas workers in the region. The loss of revenue will be in the billions. A 6-month moratorium could result in a $147 billion loss in local, State, and Federal revenue over the next 10 years. Oil and gas production in the Gulf of Mexico is a significant revenue stream for the Federal Government. A moratorium on production that lasts 6 months could cost the Federal Government between $120 million and $150 million in lost royalties and a $300 million to $500 million decline in government revenue in just 2011. That is next year. This is sure to have a devastating effect on our Nation's long-term national security.”