American Elephants

Economist Dr. Loren Scott Explains Why the Moratorium is Worse Than the Spill. by The Elephant's Child

Dr. Loren Scott, Louisiana State University Emeritus Professor of Economics explains why Obama and Salazar’s moratorium on drilling in the Gulf of Mexico is worse than the spill. This is a wonderful conversation with someone who knows and understands the Gulf and the oil industry and can explain the economic effects of the administration’s misguided moratorium.

He points out that there have been 50,000 wells drilled in the Gulf with no problems.  When there is a ski-lift accident in one resort, do they shut down all the ski runs in the country?  There are around 8,000 people employed on the rigs 24/7.  Their  unemployment will result in at lest 32,000 lost jobs.  Dr. Scott’s explanation of cause and effect is devastating, and a disaster for the whole region.  Do take the time for this deeply interesting video, you will be glad you did.

The arrogance of the administration as it plays with the lives of the people of Louisiana and the stunning disinterest in the effects of their actions is breathtaking.

ADDENDUM: The video, no longer available here, is available at the Heritage blog.  It is worth your time and quite informative.

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