API's Gerard: Drilling moratorium could make bad situation worse

06/21/2010 | USA Today

The petroleum industry remains committed to cleaning up the oil spill in the Gulf of Mexico and tightening its safety practices to prevent future spills, but an indefinite moratorium on drilling in the Gulf does not help the U.S. meet either of those objectives, argues Jack N. Gerard, president and CEO of the American Petroleum Institute. A moratorium forces the U.S. to import more oil and move unused rigs to foreign waters, he writes. "It could endanger our nation's economy and its energy security. And, because it will place in jeopardy thousands of offshore and onshore jobs, it will particularly hit hard those already suffering, the Gulf states' residents," Gerard argues.

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