Congressman Bill Cassidy, M.D., today released the following statement regarding the new discoveries of oil reserves in the Gulf of Mexico. Both Noble Energy and Exxon Mobil recently announced findings of substantial reserves of Gulf oil -- potentially the largest discovery in a decade.
"Exxon Mobil recently announced the discovery of a major oil reserve in the Gulf of Mexico. However, Exxon's development was delayed by President Obama's and BOEMRE's moratorium and permitting slow down. Put differently, the moratorium and permitting slow down have delayed job creation, reduced tax revenues, and stopped the production of domestic energy.
"The road to economic recovery goes through energy. The sooner the administration recognizes this and fully encourages domestic energy production, the sooner recovery will really begin."