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Protecting Investment in Oil Shale the Next Generation of Environmental, Energy, and Resource Security Act

Floor Speech

Location: Washington, DC

Mr. CASSIDY. ``The gulf oil spill has been terrible for the Gulf Coast. But as bad as it has been, the Federal Government's moratorium on deepwater drilling can be worse.''

Mr. Speaker, 18 months ago I had the honor to speak these words while offering a motion to immediately end President Obama's moratorium on deepwater drilling.

Although the moratorium has officially ended, there is still a two-thirds cut in new permitting and an overall slowdown in production that has caused nearly one-half of the Gulf Coast's oil and gas-focused businesses to reduce wages or lay off workers.

These aren't the major oil and gas companies. These are small businesses that cannot move overseas. Forty-one percent are not turning a profit. Seventy percent have had to draw from their savings accounts to meet operating expenses. The gulf oil spill is a tragedy, but for workers, the moratorium has made it worse.

For the sake of job creation, affordable domestic energy, and a stronger economy for all Americans, I call on the President to reverse these policies and let the Gulf Coast get back to work.

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