Ruling to overturn drilling ban is a step in the right direction

The National Association of Manufacturers (NAM) welcomed Tuesday's U.S. District Court ruling that overturned the six-month moratorium on deepwater drilling imposed by President Obama. The moratorium would cause additional economic havoc and devastation to the residents of the Gulf Coast and the local economy.

Estimates show that the six-month moratorium would have resulted in lost wages ranging from $165 million to $330 million and cost tens of thousands of additional jobs. Manufacturers throughout the country who make and supply equipment, services, engines, boats and materials such as steel and concrete would suffer massive economic consequences as a result of the overly broad and ill-conceived moratorium. These are losses the people of the Gulf and America cannot afford at any point, and certainly not during these challenging economic times. No doubt, it is critical to learn from the mistakes that caused the accident and ensure they are corrected so that future accidents can be prevented.  But we need to keep the rigs that are operating safely going while that evaluation is being conducted so that further damage is not inflicted.

The Gulf provides about one-third of the nation's domestic oil and 10 percent of its natural gas. Eighty percent of that oil and 45 percent of that natural gas comes from deepwater wells more than 500 feet deep.

We do not need to choose between energy security and environmental safety. We need to continue to strive for both. The expansion and development of our domestic energy resources is vital to affordable, reliable energy, as well as the long-term health of our economy and the prosperity of American workers.

The moratorium sent the country in the wrong direction and added more burdens to the working men and women of the Gulf Coast community. The Court got it right.

Jay Timmons is the executive vice president of the National Association of Manufacturers.