AIR DATE: Sept. 3, 2010
Even after the BP oil spill all but canceled this year's shrimp harvest in the Gulf of Mexico, the 75th Annual Shrimp and Petroleum Festival in Morgan City, Louisiana, is proceeding full-steam ahead.Pride Prevalent, But Wounded at Louisiana Shrimp and Oil Festival.
Bill New Transcript
TOM BEARDEN: Morgan City has a scrap yard where old oil field equipment is cut up for salvage. People who work in oil here want to make sure today's business doesn't meet the same fate.
Bill New's company makes pressure vessels, large steel tanks that are used offshore and on barges. He has been able to avoid layoffs so far, but he's afraid that the ongoing federally imposed moratorium on deepwater drilling will cause some companies to move their rigs to other countries. At least one rig has left for Egypt, but the administration says the industry's dire predictions of an exodus haven't come true.
BILL NEW, president, New Industries: The biggest thing that concerns me about all this is the long-term implications. These projects in deepwater tend to be very long, multiyear-cycle projects. And we're fairly far down the food chain. We don't get involved until the latter stages of the project.And if they're not out drilling wells today and making discoveries and doing engineering, a year from now, there's not going to be any work for us to do. And that's my big concern, is -- is how long this moratorium lastsTOM BEARDEN: The deepwater drilling moratorium is set to expire in November. A lot of people around here had hoped it would be lifted earlier. Now there is concern about what might happen in the wake of yesterday's production platform fire.