ORANGE BEACH, Ala. — Officials announced this week this year’s annual powerboat races, Thunder on the Gulf, have been canceled. The Gulf Coast Powerboat Association cited the current economic environment as the reason for the cancellation of the event, which would have been in its seventh year.

Originally scheduled for Aug. 13-16 in Orange Beach, the powerboat races, dubbed locally as NASCAR on the water, have become a summer tradition for many families. “This cancellation is disappointing news to our board members, race fans and local charities that benefited from funds generated by Thunder on the Gulf,” John Brunick, president of the GCPA, said in a news release. “This decision by our board of directors was extremely difficult but we believe it was the best decision under the circumstances.”

Last year, the GCPA partnered with the Alabama Gulf Coast Sports Commission and its parent organization the Alabama Gulf Coast Convention and Visitors Bureau to produce a successful event.

According to the news release, the powerboat races produced 12,312 additional room nights for local accommodations, which resulted in almost $1.8 million in total lodging revenue.

At the end of the weekend, race fans left behind about $4.2 million in total island spending.

“We understand and support the difficult decision of the GCPA,” said Herb Malone, president of the CVB. “The Alabama Gulf Coast Sports Commission joins with the GCPA to thank our loyal race fans who have supported this annual event, and we look forward to inviting them back for a bigger and better Thunder on the Gulf in 2010.”

Information about the 2010 Thunder on the Gulf races will be posted at ThunderontheGulf.com as it becomes available.