"What does it say about America's investment climate when the Republic of Congo now attract[s] oil rigs that once drilled the Gulf of Mexico?" asks Investor's Business Daily today, highlightin g the progress made by the Obama administration in devastating America's energy production.
The US offshore rig fleet is currently being used at only 38% of capacity. With high fixed costs, rig owners have no choice but to send their costly equipment on ocean voyages to distant places like the Congo. Via flagrant disregard for the rule of law, issuing multiple bans on drilling despite federal court rebukes, Obama is poisoning the business climate as much as the Deepwater Horizon has been poisoning beaches and marshes.