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A judge rules against the six-month deepwater drilling moratorium in the Gulf of Mexico; the...

A judge rules against the six-month deepwater drilling moratorium in the Gulf of Mexico; the administration says it will appeal. Shares of Hornbeck Offshore (HOS), which brought the suit, initially spike 6%. (ETF: DBO)
Comments (9)
  • obama priority - suing americans, suing the CIA, suing AZ and giving terrorists constitutional rights and show trial in NY
    22 Jun 2010, 02:01 PM Reply Like
  • Down go oil prices
    22 Jun 2010, 02:02 PM Reply Like
  • obama quick to appeal - rig owners will flee to brazil, china anywhere but us, where energy and business are shunned
    22 Jun 2010, 02:05 PM Reply Like
  • Can't control the legislative (Pelosi, Reid)....

     

    Can't control the executive (McChrystal, Orszag)....

     

    Now losing the judicial (Oil Drilling...SCOTUS terror decisions)...

     

    He doesn't need to be impeached...he is irrelevant. Makes Jimmy Carter look decisive. Bring back the days of SP500 PE ratios of SIX!
    22 Jun 2010, 02:10 PM Reply Like
  • WHAT??? Is this judge implying that there are limits to edicts from First Comrade Obama? Heresy! The next thing you know, someone will challenge his soon-to-be-issued emancipation proclamation granting citizenship to all illegal aliens! This precedent must not be allowed to stand!
    22 Jun 2010, 02:12 PM Reply Like
  • Initially, it seemed to me the six month moratorium was a shoot-from-the-hip measure to show Obama's determination to put it to the drillers. While I can see the case for additional safety measures, specifically with BP's cheaper methodology in deep waters, why a moratorium on all? Punitive measures for politics sake is stupid and short-sighted. Drillers have to service their own debt. If they lose on appeal we might see a number of drilling operations pull out and ship their equipment to Brazil where it is much in demand and likely to be tied up for years.
    22 Jun 2010, 02:13 PM Reply Like
  • I find the interesting part of the article is that Diamond Offshore (DO) has another suit filed in Houston in the Federal Courts. Even if the Louisiana companies do not reach some agreement, there is another action pending against the Department of the Interior.

     

    Obviously, for political reasons, the administration needs to appeal the decision. I would expect this to go higher in the US Judicial system, though from what I have seen on these cases, I would expect the offshore industry to prevail. The administration could save some face by vilifying BP rather than collectively punishing an entire industry.
    22 Jun 2010, 02:13 PM Reply Like
  • Just wait until Obama picks the appeal judge. Then it will go back the other way, just like every other 2-bit third world country, where the leader changes the laws to get his/her personal agenda accomplished.
    22 Jun 2010, 02:15 PM Reply Like
  • drillers will leave the gulf - why stay in a locale that is so anti-business. even if obama loses in court, the damage has been done
    and the feds still have permit and regulatory power.
    very sad for people of the gulf and 120l barrels a day still gushing
    22 Jun 2010, 03:08 PM Reply Like
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