The Economic Cost of a Moratorium on Offshore Oil and Gas ...

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*Hermann Moyse Jr./Louisiana Bankers Association Endowed Chair <strong>of</strong> Banking, Louisiana State University, E. J. Ourso College <strong>of</strong> Business.
Table <strong>of</strong> Contents Executive Summary I. Introduction II. III. IV. Background on U.S. Offshore Oil Production A. <strong>The</strong> Gulf Oil Spill B. <strong>The</strong> White House <strong>Moratorium</strong> on Offshore Drilling and Exploration Offshore Oil Production Stimulates Diverse Onshore Economies <strong>The</strong> RIMS II Model Can Be Used to Measure the <strong>Economic</strong> Impact <strong>of</strong> the <strong>Moratorium</strong> V. Present Offshore Oil and Gas Reserve Estimates VI. VII. Appendix A Decreased Investments in Offshore Oil and Gas Production Will Cause Substantial Losses in Wages and, Employment, and Will Have Pr<strong>of</strong>ound Effects on Communities Throughout the Gulf A. <strong>The</strong> Six-Month <strong>Moratorium</strong> on Offshore Drilling Activity Will <strong>Cost</strong> More than $2.7 Billion in <strong>Economic</strong> Activity Nationwide, and $2.1 Billion in Gulf communities B. <strong>The</strong> Six-Month <strong>Moratorium</strong> on Offshore Drilling Could <strong>Cost</strong> Thousands <strong>of</strong> Jobs 1. BEA Multiplier Analysis 2. Evaluation <strong>of</strong> the Types <strong>of</strong> Employment Loss C. <strong>The</strong> Six-Month <strong>Moratorium</strong> on Offshore Drilling Will Cause Massive Wage Loss for Workers Already Hit by Recession D. <strong>The</strong> <strong>Moratorium</strong> Will Cause the Loss <strong>of</strong> Millions <strong>of</strong> Dollars in Taxes and other Public Revenues to Local, State, and Federal Governments E. Communities Nationwide Will Suffer from Decreased Health, Education, Welfare, and Social Services F. <strong>The</strong> Current Analysis is a Conservative Estimate <strong>of</strong> Loss G. Worst Case Scenario Analysis Summary and Conclusions
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The Economic Cost of a Moratorium on Offshore Oil and Gas ...

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