Offshore oil rigs will be able to begin deep water drilling again, as the Obama administration has lifted the moratorium on the practice, set in place after the Gulf oil spill. The Secretary of the Interior said new safety regulations are now in place on offshore oil rigs that would greatly diminish the chance of another spill.
The federal government enacted a six-month moratorium on offshore drilling in deep waters in the wake of the Gulf oil spill. Depending on who you ask, it is either an environmental necessity or an economic disaster.
A deepwater drilling moratorium, issued in May and struck down as too broad June 22, was not reinstated Thursday by a federal appeals panel, but drilling is unlikely to resume any time soon.
Obama approval rating falls as 48 percent of survey responders say they disapprove of the President's job performance.
A federal judge said Thursday that he will not reconsider his decision to overturn a six month deep-water drilling moratorium stemming from the Gulf oil spill. That means Interior Secretary Ken Salazar might need to look for a Plan B.
Offshore drilling ban overturned by a New Orleans federal judge, who told the federal government Thursday he won't put his ruling on hold.
Offshore drilling moratorium could cost Gulf communities hundreds of millions in lost jobs and revenue well past the six-month term, say analysts.
Offshore drilling: Judge Martin Feldman, who overturned the government's moratorium on offshore drilling for oil, has reported owning stock in Transocean Ltd, the company that owned the Deepwater Horizon offshore drilling rig which exploded and sank in the Gulf of Mexico over two months ago.
The judge said the federal report that led to the drilling moratorium didn't 'explicitly justify' a ban. Some independent engineers who reviewed the report agree. The administration will appeal.
Oil drilling ban in the Gulf of Mexico has Transocean president Steven Newman upset with the Obama administration.