Obama the Destroyer: Drilling Ban Devastates Gulf Coast Economy

For every day there's no new drilling in the gulf , dollars are on the line. LSU Finance Professor, Dr. Joe Mason revealed his new financial projections in a report conducted for the 'American Energy Alliance,' a non-profit organization based in Washington, D.C.

"By my estimates the effect of the six month moratorium on off shore oil and natural gas production will result in the loss of approximately $2.1 billion," Dr. Mason tells ABC26 News.

Mason's report further reveals the crippling effect of President Barack Obama's drilling moratorium on the gulf region.

He estimates 8,000 jobs will be lost as a result of the six month moratorium, a loss of $500 million in wages, and he believes gulf south states will loose "nearly $100 million in forfeited state tax revenues."

Mason says in addition to oil and fishing jobs, doctors and teachers may also find themselves looking for work. Read more...