Monday, June 21, 2010

Obama Haunted by Gulf Oil Moratorium

The growing realization that, among the many mistakes and omissions made by Obama in the BP (NYSE:BP) oil spill, the six-month moratorium may be the worst, and is haunting Obama, who is caught between looking like he did something about the oil crisis, and on the other hand, destroying the economy of the region because of his knee jerk reaction to it, which he still remains clueless on. At least he's getting in a good game of golf though.

Even the reasoning behind the moratorium has been found not only to be faulty, but outright dishonest.

The Washington Examiner reported this:

"The justification offered was an Interior Department report supposedly 'peer reviewed' by 'experts identified by the National Academy of Engineering.' But it turned out the drafts the experts saw didn't include any recommendation for a moratorium. Eight of the cited experts have said they oppose the moratorium as more economically devastating than the oil spill and 'counterproductive' to safety."

Other possible criminal actions by Obama was the refusal to waive the Jones Act which would have allowed better-prepared and more effective foreign skimmers to come in and extract the oil from almost the beginning of the spill.

With Obama and the Democrats playing politics and not doing that in a nod to their union allies, they've done incomparable damage to the Gulf of Mexico by allowing the oil to just sit there. Unions related to this gave Democrats and Obama about $400 million for the 2008 campaign cycle.

But as for the moratorium, some oil rigs have already permanently left the area, resulting in permanent loss of jobs, and the consequences to the region overall for the six months could run into the billions of dollar and thousands of lost jobs; both in the oil industry and support businesses.

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