Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (1009843)	4/4/2017 11:52:46 PM
From: puborectalis	Respond to of 1573717

NEW REPORT FORECASTS DAMAGE TO AMERICAN ECONOMY, JOBS, AND ENERGY PRODUCTION FROM NEW JONES ACT RULINGS Brooke Sammon \| 202.682.8114 \| SammonB@api.org WASHINGTON, April 4, 2017 – API released a new report today projecting significant and damaging impacts from the Customs and Border Protection Agency’s (CBP) proposed modifications to its rulings related to the use of Jones Act vessels in offshore oil and natural gas activity, including the potential for significant loss of American jobs, reduced U.S. oil and natural gas production, and diminished revenues for federal and state government. “This report projects that the proposed changes to these long-standing rulings would have widespread negative impacts on American jobs and the national economy, as well as a damaging effect on our national energy security,” said API Upstream and Industry Operations Group Director Erik Milito. “The study also concludes that these changes would have an abrupt negative impact on oil and natural gas development and investment in the Gulf of Mexico, further impacting consumers and businesses and substantially decreasing government revenue.” According to the Calash economic report, the impacts of CBP’s proposal may include: • Losses in the range of 30,000 industry supported jobs in 2017 with as many as 125,000 jobs lost by 2030. The Gulf of Mexico states are projected to be the most impacted by these job losses; • Decrease in U.S. oil and natural gas production in the range of 23% from 2017-2030; • Decrease in government revenue more than $1.9 billion per year from 2017-2030; • Decrease of offshore oil and natural gas spending in the range of $5.4 billion per year and; • Cumulative lost GDP of $91.5 billion from 2017-2030. “President Trump’s recent executive order on energy independence was an important step toward increasing American competitiveness, and these proposed changes completely undermine the order’s purpose by placing unnecessary and harmful burdens on domestic energy production,” said Milito. “These proposed changes to the rulings should be immediately withdrawn in order to protect U.S. energy security and allow for consumers and businesses to continue benefitting from America’s energy renaissance.”