You Don't Need a Nobel Prize to Know Less Oil Means Higher Prices

NEW ORLEANS, April 7, 2011 /PRNewswire/ -- With oil prices soaring to $110 a barrel, Jim Adams, president of the Offshore Marine Service Association, released this statement:

"President Obama has long since forgotten Gulf workers, who are suffering as his administration chokes off new permits for offshore drilling. Now other Americans can rightly wonder whether he has forgotten about them too. Maybe if President Obama had to fill his car each week he'd understand the pain that all Americans are feeling now.

"It doesn't take a Nobel Prize winner to understand that when you don't permit new drilling, you're going to find less oil and prices will rise. It's time for President Obama to level with the American people and admit that his policies are designed to increase prices for oil so demand will decline.

"Americans are right to ask whether President Obama has their best interests at heart. If he did, the President would once again allow deepwater drilling in the Gulf of Mexico -- so oil prices would drop and America would be less dependent on foreign oil.

"Americans want more domestic oil and lower gas prices. Unfortunately, that's not what the President's policies are designed to deliver."

OMSA represents the owners and operators of U.S. flag offshore service vessels and the shipyards and other businesses that support that industry.

SOURCE Offshore Marine Service Association