Friday, January 28, 2011
Oil Rigs – and Jobs – Already Moving Out of Gulf
We have previously covered the disappointing response from the Obama administration in approving new drilling permits following last summer’s oil spill in the gulf, warning that such an unofficial “permitoreum” would have consequences. Among the many negative potential results would be energy companies taking their ocean-going rigs and moving them to places where they could get back to work, rather than sitting idle and costing them huge amounts of money. And when the rigs leave, the jobs leave, along with all of the associated economic stimulus to other related American businesses. Well, that didn’t take long.
Jan 27 (Reuters) – Some of the 30-plus deepwater rigs that were in the Gulf of Mexico have moved to other markets, first because of a U.S. halt called last May after BP Plc’s (BP.L: Quote) well blowout, and then because of the lack of permits once the moratorium was lifted. Read More