Drilling moratorium to be lifted

NY Times Caucus Blog:

The Obama administration on Tuesday plans to announce that it is lifting the moratorium on deep-water oil drilling, after putting in place new rules intended to tighten safety.

President Obama imposed the moratorium after the blowout of a BP well in the Gulf of Mexico on April 20 led to the largest maritime oil spill in American history. But the White House has come under intense pressure from the industry and from regional officials and businesses that have complained about the economic impact.

...

The moratorium idled 33 deep-water rigs in the gulf, affecting many jobs and triggering anger in the region. Senator Mary Landrieu, a Louisiana Democrat, has blocked the confirmation of Mr. Obama’s nominee to run the Office of Management and Budget, Jack Lew, until the moratorium is eased. Environmentalists have called on the White House to extend the freeze on deep-water drilling and extend it to shallow-water drilling.
The moratorium will go down as one of the biggest mistakes coming out of the BP blowout. It was completely unnecessary and demonstrated this administration's anti business anti energy agenda. It has used the excuse of the blowout to push its carbon phobe agenda and in the process undermine our national security by making us more dependent on others for our energy needs.

They also need to stop blocking drilling in other offshore spots and hopefully they will. But, there is little hope that they will be smart enough to also push for a lifting of the ban on drilling in parts of Alaska. Secretary Salazar maybe perfect for the Obama administration, but he should be fired for his high handed actions in this case and his strangling of domestic production in other areas. He has been killing good jobs not only in the Gulf, but in Colorado and other areas.

Comments

  1. Artfldgr6:07 PM

    Ah, but without that moratorium, could they make so much money with petrobras? and without removing it would they make so much shorting it?

    from largest ipo, to 60bln debt problem...

    here is media matters trying to claim its a conspiracy about a conspiracy from beck and limbaugh
    mediamatters.org/blog/201010110041

    here is the funny thing...
    read it...

    then read
    Setting a New IPO Record, Petrobras Raises $67 Billion
    www.law.com/jsp/article.jsp?id=1202472573050&Setting_a_New_IPO_Record_Petrobras_Raises__Billion

    and with moritorium lifted now that the IPO went through...

    Brazilian state-run energy giant Petroleo Brasileiro S.A. (PBR - Analyst Report), or Petrobras S.A., which recently raised R$120.4 billion ($70 billion) in the biggest global share sale in history, may need to issue an additional $60 billion in bonds over the next few years to fund its massive investment program.

    Last month’s stock offering not only added about $25 billion in cash to Petrobras' coffers but also allowed the company to reduce its net debt-to-equity ratio substantially (16% after the offer, down from 34% at the end of the second quarter). However, the state-run oil producer is still in need of financial resources to pay for its $224 billion investment plan.

    www.zacks.com/stock/news/41366/Petrobras+Mulling+$60B+Debt+Issue

    care to see what it was doing before soros invested in it through now?


    Oil Giant Petrobras: Gloomy Outlook Or Buying Opportunity?
    www.dailymarkets.com/stock/2010/10/10/oil-giant-petrobras-gloomy-outlook-or-buying-opportunity/

    After all the build up to the IPO, while the frenzy and the euphoria slowly faded, investors as well as traders have been looking at the organization’s future plans and prospects ever so keenly ever since.

    Petroleo Brasileiro SA fell to the lowest price since March 2009, extending the worst performance among the world’s biggest oil producers, on concern its $70 billion stock sale exhausted demand for the shares and slid 2.2 percent to 25.30 reais, the lowest price since March 3 last year, at 4 PM New York time yesterday. The stock is down 31 percent this year, more than the 27 percent plunge for BP Plc (BP: 41.26 +0.02 +0.05%), the driller that set aside $32.2 billion to pay for the worst oil spill in U.S. history.

    ReplyDelete

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