Bush Budget Boon to Shipyard

Wednesday, February 07, 2007
$2.9b proposal for next year Shipbuilding in Pascagoula would gain, but big farms in the Delta would lose under President Bush's $2.9b budget proposal for next year. Released Monday, the budget recommends spending $168m to expand the Strategic Petroleum Reserve, a series of underground salt caverns along the Gulf of Mexico that store millions of gallons of oil to be used in emergencies. The Energy Department has identified the salt caverns near Richton as the preferred site to increase the reserve's storage of oil from 691 million barrels to 1.5 billion barrels. The reserve was tapped in 2005 for more than 20 million barrels of oil to respond to shortages and price spikes following Hurricane Katrina. The president's budget proposes spending more than $160 million to replenish the reserve and begin buying oil to reach the goal of 1.5 billion gallons. Mississippi would also benefit from Bush's plan to sharply increase defense spending. The president's 2008 budget would increase the Pentagon's shipbuilding budget by nearly 30 percent, to $14.4 billion. That includes $3.4 billion to complete construction of two DDG 1000 Navy destroyers, built jointly by General Dynamics and Northrop Grumman at Ingalls Shipyard. More shipbuilding money for Mississippi can be found in the president's Homeland Security Department budget - about $788 million to revamp the Coast Guard's aging fleet. Northrop Grumman in Pascagoula and Lockheed Martin have been awarded the contract for the Coast Guard Deepwater program, which is now under congressional scrutiny for cost overruns and construction flaws. Bush's budget would extend a series of tax breaks, eliminate more than 140 small federal programs and slow the growth of Medicare and Medicaid. But it's expected to be modified by the Democrat-controlled Congress. Source: Clarion Ledger
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Fincantieri to Build Third New Princess Cruises Ship

Fincantieri says it has signed an agreement with Carnival Corp. to build  the new cruise ship for its Princess Cruises brand at a cost of about 600 million euros.

ATB Barge Project for Murray & Associates

Murray & Associates, LLC has been commissioned to deliver a comprehensive design package for an 185,000 BBL Chemical Tank Barge new construction project. The

Gladding-Hearn Builds New Boat for Delaware Pilots

The Delaware pilots association has ordered its third pilot boat of the popular Chesapeake class from Gladding-Hearn Shipbuilding, Duclos Corporation. Delivery

Maritime Safety

Hellfire Missile Firing a First for New Navy Helicopters

The Royal Australian Navy’s newest maritime combat helicopter, the MH-60R Seahawk ‘Romeo’, has successfully fired its first ‘Hellfire’ missile in the United States.

USCG Cutter Waesche Home from RIMPAC Exercises

The Coast Guard Cutter Waesche has returned to port at Coast Guard Base Honolulu, after spending three weeks at sea participating in Rim of the Pacific (RIMPAC) 2014 exercises,

UN Places Sanctions against North Korean Shippers

The United Nations Security Council has imposed sanctions on the North Korean shippers that operate the vessel Chong Chon Gang, seized by Panama in July 2013 for

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1000 sec (10 req/sec)