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Oil Spill Threatens to Choke Gulf Region's Economic Recovery
Posted on 6/8/10 at 9:56 pm
Posted on 6/8/10 at 9:56 pm
LINK
The Democratic Policy Committee put out a snapshot last week pegging the Louisiana commercial fishing economy at $2.4 billion and the Florida tourism industry at $60 billion. The document said economic damage "will be significant," citing reports of 70 percent declines in hotel occupancy along the Florida panhandle over Memorial Day and other signals that tourists are being spooked.
Karp explained that the impact will be huge on the Florida panhandle if the situation worsens because of its dependence on tourism.
"The region will suffer," he said. "Even if you manage to clean what your eyes can see in front of you, if people don't feel safe it's going to be very difficult to bring them back," he said.
The economies were already on shaky ground. Florida's jobless rate was 12 percent in April. Mississippi's was 11.5 percent.
The Democratic Policy Committee put out a snapshot last week pegging the Louisiana commercial fishing economy at $2.4 billion and the Florida tourism industry at $60 billion. The document said economic damage "will be significant," citing reports of 70 percent declines in hotel occupancy along the Florida panhandle over Memorial Day and other signals that tourists are being spooked.
Karp explained that the impact will be huge on the Florida panhandle if the situation worsens because of its dependence on tourism.
"The region will suffer," he said. "Even if you manage to clean what your eyes can see in front of you, if people don't feel safe it's going to be very difficult to bring them back," he said.
The economies were already on shaky ground. Florida's jobless rate was 12 percent in April. Mississippi's was 11.5 percent.
Posted on 6/8/10 at 10:05 pm to Mudminnow
That translates to more tourists up here in East Tennessee which is good for the economy here. You have to try and find the silver lining in this disaster. It's there if you just look.
Posted on 6/8/10 at 10:11 pm to genuineLSUtiger
what the hell is in Tennessee?
Posted on 6/8/10 at 10:11 pm to genuineLSUtiger
Odd that you don't mention the moratorium.
Posted on 6/8/10 at 10:21 pm to Me4Heisman
Dont forget to add in the loses to the drilling economy of Louisiana. Many of the workers are also from MS and AL.
Posted on 6/8/10 at 10:24 pm to Me4Heisman
quote:Honestly, its very little when you compare that to $60 billion tourism, but the OP does have an agenda.
Odd that you don't mention the moratorium.
Posted on 6/8/10 at 10:49 pm to C
quote:
Honestly, its very little when you compare that to $60 billion tourism, but the OP does have an agenda.
That $60 billion number is quite misleading as it pertains to the spill.
Posted on 6/8/10 at 10:51 pm to C
quote:
Honestly, its very little when you compare that to $60 billion tourism,
coupled with the billions in losses by commercial fishing, coupled with the loss of service by the environment...hundreds of billions of dollars.
The moratorium affects a small subset of the population compared with these far reaching effects.
Posted on 6/9/10 at 12:20 am to CptBengal
quote:
That $60 billion number is quite misleading as it pertains to the spill.
Yes this. A lot of ifs. The Moratorium, if left unchecked will be a lot easier to calculate. A lot more guess work in calculating fishing and tourism loses compared to the moratorium. Im sure Barry will have his actuary's burning up the calculators for this mess. Never let a crisis opportunity go to waste.
Posted on 6/9/10 at 12:30 am to Mudminnow
Mud the oil and gas is much bigger, provides a bigger econmic impact, not to mention the billions It generates in federal revunue.
I know you are anti oil and gas, but shutting down a portion of the activity will impact around 39,500 jobs. this will make 1986 look like a walk to church. Louisiana will be fricked. And when oil is down, people fish, and when it is up, they are offshore.
We have been isolated from the recession, but pretty soon we will have a feel of detroit sooner rather than later.
I know you are anti oil and gas, but shutting down a portion of the activity will impact around 39,500 jobs. this will make 1986 look like a walk to church. Louisiana will be fricked. And when oil is down, people fish, and when it is up, they are offshore.
We have been isolated from the recession, but pretty soon we will have a feel of detroit sooner rather than later.
This post was edited on 6/9/10 at 12:33 am
Posted on 6/9/10 at 12:43 am to sheek
Absolutely. Guess that is the price we pay for being a right to work state. Barrys gonna make us pay. Gonna kill all the small businesses. The big boys will just go over seas.
Posted on 6/9/10 at 12:47 am to knockers
Got the call to go to Nigeria. We shelved our projects in the gom. The domino effect has started. I know the anti oil and gas folks are thrilled. But the reality is La unemployment will be around 12-15% soon bc of this stupid fricking decision by THE dumb one.
Posted on 6/9/10 at 1:11 am to Mudminnow
quote:
Oil Spill Threatens to Choke Gulf Region's Economic Recovery
Oil Spill Encourages Massive Alternative Energy Businesses Development in Gulf Region
FIFY
This post was edited on 6/9/10 at 1:13 am
Posted on 6/9/10 at 6:04 am to tigerpurple84
quote:
Oil Spill Encourages Massive Alternative Energy Businesses Development in Gulf Region
You really have sipped the Koolaid haven't you. Yeah, we will ask those guys at Bollinger and Chouest that are building and operating supply boats to start building solar panels and windmill blades.
Posted on 6/9/10 at 8:09 am to Mudminnow
quote:
what the hell is in Tennessee
Mountains with trails to hike, rivers to raft, grounds to camp, lakes to fish, and fun friendly people. Not to mention Nashville and Chattanooga.
Posted on 6/9/10 at 9:05 am to sheek
quote:
shutting down a portion of the activity will impact around 39,500 jobs
I've been looking to see how many jobs will be impacted by the moratorium on new deepwater wells and havent seen much. Where did 39,500 come from?
quote:Yes we have mainly due to the 191 Billion the feds pumped in for Katrina which the money is still being used in many of BR construction projects.
We have been isolated from the recession, but pretty soon we will have a feel of detroit sooner rather than later.
This will equal a detroit recession or cleveland, OH, or pittsburgh? We are talking hundreds of thousands of jobs when just the big three closed a few plants.
In my parents place of residence, 2 ford plants closed completely, 20K workers gone, 10K worker steel plant closed, many smaller steel plants closed, as a result many left so a hospital closed. 75% of the homes in my parents subdivision were on foreclosure and this is white surburbia.
If the moratorium on new deepwater drilling wells is going to cause this kind of damage, then the country is in serious trouble.
Posted on 6/9/10 at 9:25 am to Mudminnow
quote:
Where did 39,500 come from?
Mid Continent Association(O&G), check this past Sunday Advocate out. The initial impact will be 7800 jobs in oil and gas, but there is a domino effect with 2nd line employees that work for O&G service companies that will receive an impact in the tune of 10000 employees, and the remaining are the companies like caters, etc. We will have a pretty big blow to this and the reality is the operators have to make money for their shareholders which is why these are pulling up camp and heading to West Africa. Good luck if you think these rigs will come back and if and when they do it will be years.
This post was edited on 6/9/10 at 9:31 am
Posted on 6/9/10 at 9:27 am to tigerpurple84
quote:
Oil Spill Encourages Massive Alternative Energy Businesses Development in Gulf Region
ok lets talk Nuclear.
:crickets:
Posted on 6/9/10 at 9:40 am to Mudminnow
i'm not looking to get into an argument w/ you, because i know where you stand on all of this; however, this is the reality of the situation for those of us in the oilfield.
the vast majority of new activity and $$$ spent in the gulf of mexico these days is associated w/ deepwater drilling. this includes the # of rigs working, the # of hands working on those rigs, the # of workboats servicing those rigs (specifically chouest), the # of dock workers servicing those boats (like basically all of fourchon and cameron), the service hands and associated shops supporting those deepwater projects (like the hwy 90 corridor), the # of 3rd party shops servicing the main shops, and all the truckers hauling this stuff down to the docks.
think of it this way. sit by hwy 90 and watch all of the 18 wheelers go by. then figure that about 90% of those trucks are hauling oilfield related items. then figure that probably 60-75% of those trucks are associated w/ deepwater activity.
now remember that each of those truck loads has several hundred people's jobs directly associated w/ that load. let's say for example it's a load of drill pipe -- there's the rig w/ ~400 guys total over 4 crews that handle the pipe, there's the trucker hauling it, the boat carrying it offshore w/ a crew of about 30 over 4 crews, the inspection yard of 30 or 40 guys that inspected it, the machine shop or repair facility of 30 or 40 guys that worked on it, and the 5 or 6 guys at the dock that will handle this specific load. all of these dudes have decent jobs, and all of these dudes live in the same general area, and spend money. so what happens when a sizable percentage of these guys stops drawing a check and cuts down on spending?
i'm not arguing about the moratorium w/ you, we just have to agree to disagree on that. i'm just saying this moratorium has the potential to effect every single person from in SLA and Mississippi, even if they are not even indirectly associated w/ oil & gas.
where we have an advantage over the manufacturing base of the upper midwest is that there is at least the chance that some of the skilled guys can follow the work overseas.
the vast majority of new activity and $$$ spent in the gulf of mexico these days is associated w/ deepwater drilling. this includes the # of rigs working, the # of hands working on those rigs, the # of workboats servicing those rigs (specifically chouest), the # of dock workers servicing those boats (like basically all of fourchon and cameron), the service hands and associated shops supporting those deepwater projects (like the hwy 90 corridor), the # of 3rd party shops servicing the main shops, and all the truckers hauling this stuff down to the docks.
think of it this way. sit by hwy 90 and watch all of the 18 wheelers go by. then figure that about 90% of those trucks are hauling oilfield related items. then figure that probably 60-75% of those trucks are associated w/ deepwater activity.
now remember that each of those truck loads has several hundred people's jobs directly associated w/ that load. let's say for example it's a load of drill pipe -- there's the rig w/ ~400 guys total over 4 crews that handle the pipe, there's the trucker hauling it, the boat carrying it offshore w/ a crew of about 30 over 4 crews, the inspection yard of 30 or 40 guys that inspected it, the machine shop or repair facility of 30 or 40 guys that worked on it, and the 5 or 6 guys at the dock that will handle this specific load. all of these dudes have decent jobs, and all of these dudes live in the same general area, and spend money. so what happens when a sizable percentage of these guys stops drawing a check and cuts down on spending?
i'm not arguing about the moratorium w/ you, we just have to agree to disagree on that. i'm just saying this moratorium has the potential to effect every single person from in SLA and Mississippi, even if they are not even indirectly associated w/ oil & gas.
where we have an advantage over the manufacturing base of the upper midwest is that there is at least the chance that some of the skilled guys can follow the work overseas.
This post was edited on 6/9/10 at 9:45 am
Posted on 6/9/10 at 9:45 am to oilfieldtiger
excellent breakdown on the domino effect. Some of the folks that are for the temporary band on drilling, only see the figures of the guys that work for the operators of the deep water rigs. It is a far greater reach as oilfieldtiger pointed out. Oilfieldtiger did a great job of breaking down the domino effect and that effect even goes into truck dealerships, banks, convenience stores, hotels, and eventually it could affect school teachers even.
This post was edited on 6/9/10 at 10:27 am
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