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The Interior Department will issue a new offshore drilling moratorium later today that will end...

The Interior Department will issue a new offshore drilling moratorium later today that will end Nov. 30 or sooner, according to reports. Unlike the initial moratorium, which was blocked by the courts, the new one has a specific end date, and the government would be "open to modifying" the new suspensions if the oil industry can show it can operate safely in deep waters.
Comments (10)
  • Jacob Wolinsky
    , contributor
    Comments (464) | Send Message
     
    Wow any time the administration can't get its way it cries like a baby, and tries to impose it's will on the people, the courts, congress etc

     

    www.valuewalk.com/

     

    P.S. Didn't Obama attack bush for putting politics above science? I guess that was campaign rhetoric like all his other promises.
    12 Jul 2010, 03:39 PM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    US Govt - "make it up as we go along to fit our agendas."
    12 Jul 2010, 03:41 PM Reply Like
  • haschrad
    , contributor
    Comments (49) | Send Message
     
    What - is all offshore drilling dangerous until 11:59pm Nov 30, but then magically safer at 12am Dec 1 simply b/c some clown in the administration says so?
    12 Jul 2010, 03:45 PM Reply Like
  • Jacob Wolinsky
    , contributor
    Comments (464) | Send Message
     
    lol great observation haschrad

     

    www.valuewalk.com/glob.../
    12 Jul 2010, 03:47 PM Reply Like
  • sladd
    , contributor
    Comments (123) | Send Message
     
    I can't wait until another court slaps this one and Obama has egg on his face, for again picking the wrong fight at a time when jobs should be his main focus. I am sure he would love to spend a year on this like he did for health care while watching jobs evaporate.

     

    Did he consider how many people he will make jobless in this industry? Is he happy to just add them to the unemployment rolls and have the govt. incur more outlays? Of course not, he has been spending our money like it was not his anyway.

     

    We are so f#cked.
    12 Jul 2010, 03:53 PM Reply Like
  • Neil459
    , contributor
    Comments (2644) | Send Message
     
    Won't matter if or when its lifted, once the equipment leaves the gulf, it will be difficult to get back. People will just say, we don't need the stinkin American politician's getting in the way of our profits. Then we'll be buying 100% foreign oil. And we'll have gas lines or we'll kowtow to the foreign terrorists.
    12 Jul 2010, 03:59 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3080) | Send Message
     
    Meanwhile Diamond Offshore (DO) are sorry that moving one of their rigs to Egypt means lost US jobs, but the reality is that they need to continue generating revenues (in so many words).

     

    www.tradewinds.no/offs...

     

    The exodus has already began, and the more the US Administration fucks around with this, the more assets will leave the Gulf of Mexico. Even Pemex in Mexico and Cuba are looking to expand drilling and exploration. If either one of those countries has a spill, there will be nothing the US can do about it. If they would put forward some recommendations for safe practices, then companies would be happy to continue operations in US territorial waters.

     

    The Department of the Interior has only just begun a study into the Macondo blow-out, almost two months after it happened, and they claim to have recommendations in six months ... from now. How much do they pay these lazy fuckers to sit around? Anyway, sorry for the rant.

     

    What I see as an investor heavy in oil, shipping, and energy, is an expansion of exploration and drilling in many other parts of the world. The business the US Administration is trying to block will happily travel to where they are wanted. Then tanker companies will be just as happy to ship oil and refined products to the US to make up the shortfall, all while charging more to make up for the removal of liability limits in the US (which increased insurance expenses). The rest of the world will enjoy more favorable access to oil and refined products, while the trade deficit in the US will expand, since the largest trade deficit component is imported oil.
    12 Jul 2010, 04:02 PM Reply Like
  • sladd
    , contributor
    Comments (123) | Send Message
     
    one bad wellhead and all we care about is stopping drilling....don't we operate planes, cars, trains, and ships after on crashes. We just try to find out to avoid it into the future, we don't just stop until we know the reason. Do we stop alll surgeries because one went really bad? Did we stop producing nuclear power after Chernobyl? Did we stop flying shuttles after Columbia and Challenger? (actually the govt. knew the inherent risks in flying shuttles was higher than we were lead to believe)

     

    So using this Obama methodology we should stop electing bad presidents?
    12 Jul 2010, 04:12 PM Reply Like
  • Jacob Wolinsky
    , contributor
    Comments (464) | Send Message
     
    You guys all have great comments I have nothing more to add.

     

    www.valuewalk.com/
    12 Jul 2010, 04:36 PM Reply Like
  • bigduder
    , contributor
    Comments (34) | Send Message
     
    I heard the same from a guy that works in the gulf. The rigs are moving as we speak, the one he knew of was going to west coast of Africa. He said it means no more new wells will be drilled in the gulf and the possibility of the price of oil going up. He said once they leave they may not come back, so new ones may need to be built, whatever the case he said it maybe years before they start drilling again. The bad news just never seems to end!
    13 Jul 2010, 02:58 AM Reply Like
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