Hundreds of thousands of jobs and billions of dollars in tax
revenues could be lost if a federal regulation revamping offshore
equipment standards and well designs goes into effect, according to an
economic study released Monday. By 2030, exploration
would drop by 55 percent, production by 35 percent, and 105,000 to
190,000 jobs mostly in Louisiana and Texas would be lost, according to
the study by economic think tank Wood Mackenzie. Assuming $80 per barrel
of oil, the study estimates $70 billion in lost tax revenues. “Because
the prospect inventory on currently held leases will likely be
condensed and fewer leases will be acquired in upcoming bid rounds, it
is anticipated the production gap will continue to widen and could be
irreversible post-2030, further limiting jobs, GDP and taxes,” the
study’s executive summary states...more
Issues of concern to people who live in the west: property rights, water rights, endangered species, livestock grazing, energy production, wilderness and western agriculture. Plus a few items on western history, western literature and the sport of rodeo... Frank DuBois served as the NM Secretary of Agriculture from 1988 to 2003. DuBois is a former legislative assistant to a U.S. Senator, a Deputy Assistant Secretary of Interior, and is the founder of the DuBois Rodeo Scholarship.
Wednesday, February 03, 2016
Study: Well control rule will result in loss of jobs, tax money
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