Obama’s drilling moratorium causes major company to go bankrupt
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.
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
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.