InvestorsHub Logo
Followers 646
Posts 144549
Boards Moderated 1
Alias Born 05/19/2007

Re: go seek post# 1130

Tuesday, 06/22/2010 3:57:14 PM

Tuesday, June 22, 2010 3:57:14 PM

Post# of 29422
Judge blocks offshore drilling moratorium imposed by Obama administration after Gulf spill:

Michael Kunzelman, Associated Press Writer, On Tuesday June 22, 2010

NEW ORLEANS (AP) -- A federal judge in New Orleans has blocked a six-month moratorium on new deepwater drilling projects that was imposed in response to the massive Gulf oil spill.

The White House says President Barack Obama's administration will appeal.

Several companies that ferry people and supplies and provide other services to offshore drilling rigs had asked U.S. District Judge Martin Feldman in New Orleans to overturn the moratorium.

The administration halted the approval of any new permits for deepwater drilling and suspended drilling at 33 exploratory wells in the Gulf.

Feldman says in his ruling that the Interior Department failed to provide adequate reasoning for the moratorium. He says it seems to assume that because one rig failed, all companies and rigs doing deepwater drilling pose an imminent danger.

http://finance.yahoo.com/news/Judge-block-Gulf-offshore-apf-2120468600.html?x=0&sec=topStories&pos=1&asset=&ccode=


Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.