Obama's drilling moratorium causes major company to go bankrupt
On top of tens of thousands of workers losing their jobs when Obama imposed a drilling moratorium by executive order (and fudging what scientists and experts believed in order to justify his moratorium) now comes news that Seahawk Drilling, a major publicly-held drilling services company, has declared bankruptcy due to the sharp decline in Gulf drilling work.
From USA Today:
Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to a competitor for $105 million.
Seahawk, which announced the deal with Hercules Offshore Inc. Friday, has been hurt by a slowdown in Gulf of Mexico drilling after the BP oil spill last April. The government halted drilling in deep waters and imposed tough new rules that have curtained all energy exploration in U.S. waters.
Employees will be let go; shareholders are suffering big losses as the stock plunges. Gulf communities have already been stricken by big job losses and declines in state tax revenues. We have become even more dangerously dependent on overseas sources of crude and prices have skyrocketed as Obama turned the handle to the off position when it comes to Gulf oil drilling.
There has been a lot of damage caused by Barack Obama's policies and there will be a lot more to come as long as he is in office.