Economist feels new report may indicate the time has come to "put the region back to work"
NEW ORLEANS, Jan. 11, 2011 /PRNewswire-USNewswire/ --The National Oil Spill Commission will release its final report this week revealing the missteps which led to the BP well blowout on April 20. According to Louisiana State University professor and nationally renowned economist, Dr. Joseph Mason, the oil spill was devastating to regional economic growth and job losses due to the ensuing federal offshore drilling moratoria that continue to plague the area.
"The evidence cited in the report points to a total failure by BP to maintain standard safety practices. Unfortunately, the sweeping punitive moratorium has adversely affected nearly 25,000 Gulf residents whose jobs are supported by the oil and gas industry," stated Dr. Mason.
In a recent report, "Critique of the Inter-Agency Economic Report 'Estimating the Economic Effects of the Deepwater Drilling Moratorium on the Gulf Coast Economy,'" Dr. Mason uses government economic modeling to reveal that 20,000 jobs had been eliminated in the Gulf as a result of the moratorium through September.
"Since the declaration of the offshore drilling moratorium, the unemployment rate in Louisiana has increased from 6.2% to 8.1% in October, the most recent available numbers," Dr. Mason said. "The Commission's report can stand as a milestone that the federal government finally has sufficient information available about the Deepwater Horizon incident to stop holding the entire industry hostage and let the region get back to work."
SOURCE Joseph R. Mason