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Posts from December 0

Twenty More Gulf Rigs at Risk: 'Mikhail Obama, Tear Down This Wall'

By Kevin Mooney -- September 14, 2011

[Editor note: Mr. Mooney’s Collateral Damage: Lost Rigs from Obama Obstructionism appeared last month at MasterResource. His reports originally appear at the Pelican Post, Louisiana news and commentary from the Pelican Institute for Public Policy.]

Up to 20 oil rigs could leave the Gulf of Mexico, in addition to the 11 that have already left, since the Obama Administration imposed a moratorium on deepwater oil and gas drilling in May 2010, a new report from FBR Capital Markets has concluded.

Unless the permitting process is accelerated, FBR analysts anticipate that anywhere from eight to 20 rigs could depart the deep waters within the Gulf. The moratorium was imposed in response to the explosion of British Petroleum’s (BP) Macondo oil well on April 20 of last year. The accident resulted in the death of 11 workers and caused an estimated five million barrels of crude oil to spill into the Gulf.…