Mason estimates the Gulf Coast region will lose 8,000 jobs and $500 million dollars in wages.The report was prepared by Dr. Joseph R. Mason at LSU working with the American Energy Alliance. It should keep me busy today.
People working in the oil field industry would be impacted first, but Mason warns within a year, jobs among other professionals would suffer too.
Smaller or non-existent paychecks also add up to less tax revenues. Mason says the moratorium will decrease tax collections by $98 million along the Gulf Coast.
Mason's calculations predict the moratorium nationally will kill 12,000 jobs, eliminate $707 million in wages and suck $220 million of tax revenues out of federal coffers.
Meanwhile, while all these rig workers are out of work, our great and benevolent leader who demanded BP set aside funds to the tune of $100 million to pay them anyway, has yet to figure out how that fund will be administered. It's been six weeks. There's also that $20 billion fund but workers can't apply for compensation out of that one. Basically, the right hand doesn't know what the left hand is doing, as they say, and it's a big clusterfark.
Now somebody explain to me why Team Obama thinks this is a good idea? It just looks like punishment to me.