Lifted Drilling Moratorium called positive by manufacturers.
Press Release Summary:
NAM President addressed lifting of 6-month moratorium on wells in depth of 500 ft or more by U.S. District Court in Eastern District of Louisiana. Specifically, John Engler called Judge Feldman's decision "vital to our future energy independence and a step in the right direction" for a healthy economy. He cited job losses incurred by said moratorium and noted its consequences for manufacturers "who make and supply equipment, services, engines, boats and materials such as steel and concrete."
Original Press Release:
Manufacturers: Decision to Lift Drilling Moratorium Is a Positive Step
Federal Judge's Decision Is Critical for Jobs and Competitiveness
WASHINGTON, D.C. - The National Association of Manufacturers (NAM) President John Engler issued this statement today following the decision of the U.S. District Court in the Eastern District of Louisiana to lift the six-month moratorium on wells in depth of 500 feet or more imposed by President Obama:
"Today's decision by Judge Feldman is appropriate and important for manufacturers and the entire supply chain. The moratorium immediately shut down 33 deepwater rigs in the Gulf of Mexico and cost thousands of men and women their jobs. Estimates show that the six-month moratorium would result in lost wages ranging from $165 million to $330 million and cost tens of thousands of additional jobs.
"Manufacturers throughout the country who make and supply equipment, services, engines, boats and materials such as steel and concrete also would suffer massive economic consequences as a result of the President's overly broad moratorium.
"Today's ruling is vital to our future energy independence and a step in the right direction for the health of the economy."
-NAM-
The National Association of Manufacturers is the nation's largest industrial trade association, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers, visit www.nam.org.
