Posts Tagged ‘Oil Drilling Moratorium’

Ban On Deepwater Drilling Lifted

Thursday, October 14th, 2010

The Obama administration lifted the moratorium on deepwater drilling, citing new environmental and safety regulations that it believes significantly reduce the risk of another major accident. The moratorium was originally scheduled to end on November 30. Whether the early release will have any benefit to the economies of the Gulf Coast states remains to be seen. Oil companies believe that ending the moratorium was a meaningless gesture, because they continue to face lengthy processes for drilling permits required to resume their work. For small businesses in the Gulf Coast states, where the oil and gas industry is a major contributor to employment, it will be some time before they see normal business activity.