Obama’s Energy Plan: Cripple American Oil Industry


The Obama White House's Public Enemy No. 1

Inquiring minds are pouring over a important article at Chron Business detailing the already crippling effect of Obama’s Gulf Oil Drilling Policy. The policy is already having disastrous effects:

Diamond Offshore announced Friday that its Ocean Endeavor drilling rig will leave the Gulf of Mexico and move to Egyptian waters immediately — making it the first to abandon the United States in the wake of the BP oil spill and a ban on deep-water drilling.

And the Ocean Endeavor’s exodus probably won’t be the last, according to oil industry officials and Gulf Coast leaders who warn that other companies eager to find work for the now-idled rigs are considering moving them outside the U.S.

And don’t think this can be changed back quickly. These rigs have leases that last for years:

Diamond announced Friday it will lease the rig through June 30, 2011, to Cairo-based Burullus Gas Co., which plans to send the Endeavor to Egyptian waters immediately.

Devon is one of three companies that has cited the deep-water drilling ban in trying to ease out of contracts to lease Diamond rigs. Diamond, a drilling company, said it expects to make about $100 million from the deal, including a $31 million early termination fee it recovered from Devon.

Larry Dickerson, CEO of Houston-based Diamond, signaled that other of his company’s rigs could be relocated, too.

“As a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed,” Dickerson said. “We greatly regret the loss of U.S. jobs that will result from this rig relocation.”

No sane person can believe a group of Ivy educated individuals can’t see that banning drilling for even six months will create incredibly expensive petrol prices and ruining the economy of the United States even more. This President is purposely destroying this country’s economy.

Please read the entire article. There is so much more.

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