Being selective on moratoria
The economic toll from the drilling moratorium in the Gulf of Mexico is beginning to mount. On July 28, Baker Hughes, an international oilfield services company based in Houston, announced that it was moving 300 of its employees and 25 percent of its assets out of Houston. Baker Hughes CEO, Chad Deaton, said that if the moratorium lingers, many companies such as his would be moving the research and development operations overseas to where the drilling will be taking place. Deaton said that 20,000 direct jobs and over 200,000 indirect ones could be lost if the moratorium continues.