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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

MHI: Notice of Absorption-Type Split Agreements

MHI gives Notice Regarding Conclusion of Absorption-type Split Agreements Relating to Transfer of Ship Construction and Hull Block Manufacture Businesses to Two

Fratelli Neri Orders Damen Tug

One of the largest Italian tug owners, Fratelli Neri S.p.A, ordered its first Damen tug, an ASD 3212, on 21 July 2015.   The vessel will be the first ASD tug

Thai Navy Lobbies for More Submarines

The Royal Thai Navy claims it urgently needs more submarines to compete with other Asian countries.   The assistant commander made the claim aimed at persuading

Maritime Safety

South China Sea Hotline in the Works

China and Southeast Asian nations have agreed to set up a foreign ministers' hotline to tackle emergencies in the disputed South China Sea, a senior official of

Three Rescued on Lake Tahoe

The Coast Guard and multiple agencies rescued three people Wednesday evening after they were reported missing on Lake Tahoe. At 9:45 p.m., Coast Guard Sector

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

 
 
Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1647 sec (6 req/sec)