From Bloomberg:
A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history. Drilling services shares jumped on the news…
…“The court is unable to divine or fathom a relationship between the findings and the immense scope of the moratorium,” Feldman said in his 22-page decision. “The blanket moratorium, with no parameters, seems to assume that because one rig failed and although no one yet fully knows why, all companies and rigs drilling new wells over 500 feet also universally present an imminent danger.”
Which is all exactly true and points out that Obama’s moratorium was the act of a man who likes to exercise power, but doesn’t know why or how it should be exercised.
UPDATE: Proving how clueless he is – or, alternately, how determined he is to please the environmentalists in front of November – Obama’s Administration will issue a new order banning drilling.
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