And that’s just the direct costs. Keep in mind that our economy runs on energy, particularly oil. When the government inhibits energy production that puts upward pressure on energy costs.
(CNSNews.com) – At least 13,000 jobs have been lost since last summer’s moratorium on offshore oil production, surpassing projected job losses in a 2010 study by thousands, according to the Louisiana State University professor who authored the study.
Joseph Mason, author of “The Economic Cost of a Moratorium on Offshore Oil and Gas Exploration to the Gulf Region,” estimated that the new regional job losses due to the moratorium on offshore oil production in the Gulf region is now 13,000 – up from his original estimate of 8,000.
Mason also estimated the national job losses to have increased from 12,000 to 19,000; regional wage losses to be $800 million, up from $500 million; national wage losses to be $1.1 billion, up from $700 million; lost tax revenues on the state and local level to be $155 million, up from $100 million; and lost tax revenues on the national level to be $350 million, up from $200 million.
Here’s video of Mason testifying about his report before House Energy committee:
Again, our prosperity in this modern economy is tied to energy. The more free energy producers are to produce energy, the greater our capacity for prosperity.