Robyn Walensky - robyn@abc26.com ABC26 News

July 19, 2010
NEW ORLEANS—
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.

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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.

"A surprising number of jobs are among professionals," says Dr. Mason. "Doctors and teachers who are supported by the communities whose economic base is oil and gas from the Gulf." He adds, "if the communities can't afford to pay their teachers, they are going to loose those teachers."

And the future for the Gulf does not look bright. If President Obama extends the moratorium even further it's estimated the losses will be absolutely enormous. Mason believes "some numbers will triple, some will double based on an annual basis. If the moratorium goes on longer than a year, they could go even higher."