NAM urges Administration to lift offshore drilling moratorium.
Press Release Summary:
According to NAM President John Engler, manufacturers are alarmed by comments made by Interior officials indicating that even once formal moratorium is lifted, it will take weeks and months for permits to be issued. Dragging out permitting process will force nation to rely even more on foreign producers and will discourage investment in new projects, stifling job creation. In short term, moratorium could cost 46,200 jobs and more than %2.7 billion in economic activity.
Original Press Release:
Manufacturers Call on Administration to Lift Offshore Drilling Moratorium
Manufacturers Who Supply Equipment, Services, and Materials Also Impacted By Moratorium
WASHINGTON, D.C., - The National Association of Manufacturers (NAM) President John Engler issued the following statement today on the Department of Interior's new rules on offshore exploration and development and continued offshore drilling moratorium:
"Manufacturers continue to call on the Administration to lift the offshore drilling moratorium. Every day the moratorium continues it costs our nation's economy, manufacturers and every day Americans.
We are alarmed by recent comments by Interior officials indicating that even once the formal moratorium is lifted, it will still take weeks and months for permits to be issued.
This will not only create an approval process that is unpredictable, but it will increases costs and place even more uncertainty into our already struggling economy. By dragging out the permitting process our nation will be forced to rely even more on foreign producers and it will only discourage new investment in new projects -- stifling job creation.
Already our nation faces an unemployment rate of historical levels and estimates show in the short term this moratorium could cost 46,200 jobs and cost more than $2.7 billion in economic activity.
Manufacturers who make and supply equipment, services, engines, boats and materials such as steel and concrete will suffer massive economic consequences as a result of the President's overly broad moratorium.
The expansion and development of the Outer Continental Shelf is vital to affordable, reliable energy and the long-term health of our economy and the prosperity of American workers.
Manufacturers will continue to work with the Administration and Congress to lift this moratorium that is hurting our economy and ability to create jobs."
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.
