The Houston Post reports that Diamond Offshore is moving its Ocean Endeavor drilling rig from the Gulf of Mexico to Egyptian waters immediately. It’s the first to leave the Gulf of Mexico in the wake of the Obama threats of a moratorium on offshore drilling. It won’t be the last.

Ocean Endeavor CEO Larry Dickerson was quoted:

“As a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed,” Dickerson said. “We greatly regret the loss of U.S. jobs that will result from this rig relocation.”

I opined in a post below that the administration might run out of people making more than $200,000 to tax. We might also run out of oil rigs to provide jobs and, well, oil.

Rod Pennington noted yesterday:

This morning on Fox News Sunday, presidential advisor David Axelrod submited his nomination for understament of the year. “These are rented rigs and they go from place to place, it’s not an optimal situation.”

No, Mr. Axelrod, it’s not optimal. We need those oil rigs, and the administration of which you are a part appears sublimely unaware of the economic consequences of its childlike policies.

Pennington also notes the president’s involvement:

President Obama was unavailable for comment. Despite vowing, “We will not rest until this crisis is solved,” he was on his third family vacation in the 13 weeks since the oil spill began on April 20th.