Here is one paragraph from a report by Dr Bernard L Weinstein. of Sothern Methodist University.
“• Federal revenues from Gulf activity have dwindled. Under the Obama Administration, offshore lease sales have gradually declined each year, depriving the U.S. Treasury of a sorely needed source of revenue. New lease bids went from $9.4 billion in 2008 to $979 million in 2010 to a mere $36 million in 2011.” (*)
That is some drop, from $ 9,400,000,000 to $ 36,000,000. Doesn’t the federal government need those dollars? Another question would be, while we were killing our own oil production and the resulting revenues for our federal government, this administration was loaning, (I hope it was a loan) money that we borrowed from China to Brazil so they could develop their oil fields.
While this was going on, companies that use to provide services to our offshore rigs, in order to survive, had to send some of their supply boats to other countries to keep the working. The problem with that is that once they are registered to work in another country, they can never come back to our waters. We have lost the use them forever, even if this administration ever were to allow the exploration and drilling offshore water again.
The only solution is to replace these people, establish a realistic energy policy and begin to dismantle the regulation that is in place simply to hinder work in the Gulf and to expedite approval of valid permits.