News Media Contact:
Nicole Daigle / Jeff Eshelman
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For Immediate Release
July 12, 2010

WASHINGTON - Earlier today, the U.S. Interior Department announced a new, job-killing moratorium on American offshore oil and natural gas production. Bruce Vincent - chairman of the Independent Petroleum Association of American (IPAA) and president of Swift Energy - issued this statement in response to this announcement:

"This Administration simply does not understand the grave economic and national security implications that such misguided, politically expedient policies continue to have on our nation, especially in the struggling Gulf Coast region.

"Tens of thousands of good-paying American jobs are now in jeopardy because of this moratorium. It's impossible to reconcile the fact that just last week President Obama said that 'We had to stop the freefall and get the economy and jobs growing again,' and today his Administration is once again taking such irresponsible measures that will lead to fewer jobs and rigs permanently leaving our seas, without adding any additional environmental benefit.

"Judge Feldman's recent ruling correctly recognized the severe unintended economic consequences of this moratorium. Unfortunately, the administration does not recognize the potential consequences because virtually no changes were made to this new drilling ban - it's simply more of the same shortsighted policies being created. If this Administration is sincere about its commitment to creating jobs, and putting our nation on a stronger path toward energy security, the very notion of a moratorium would be shelved immediately."