White House Officials Estimated Drilling Ban to Cost 23,000 Jobs, WSJ Says
By Alan Bjerga - Aug 21, 2010 8:21 AM MT Email Share
Business Exchange Twitter Delicious Digg Facebook LinkedIn Newsvine Propeller Yahoo! Buzz Print Obama administration officials estimated a moratorium on deepwater oil drilling in the Gulf of Mexico would cost 23,000 jobs and decided on the ban anyway because of safety and inspection concerns, the Wall Street Journal said.
White House officials weighed alternatives to the ban after a federal judge threw out a moratorium put in place before the one currently in effect, the Journal said, citing more than 27,000 documents the Justice Department filed in New Orleans this week. The documents show debate over how the administration would respond to legal and political opposition to the restrictions, the Journal said.
The current prohibition on most drilling in the Gulf is in effect until Nov. 30. Administration officials expect the ban may be lifted before then, pending expert opinions given in the next few weeks.
The April 20 explosion at a BP Plc oil facility sank a $365 million rig, shut down deep-water exploration in the Gulf of Mexico and wiped out more than $45 billion in the market value of London-based BP. The blowout, being investigated by the Justice Department and House and Senate committees, cost Chief Executive Officer Tony Hayward his job and prompted threats from some lawmakers to bar BP from future offshore U.S. oil deals.
To contact the reporter on this story: Alan Bjerga in Washington at [email protected]
http://www.bloomberg.com/news/2010-08-21/white-house-officials-estimated-drilling-ban-to-cost-23-000-jobs-wsj-says.html
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By Alan Bjerga - Aug 21, 2010 8:21 AM MT Email Share
Business Exchange Twitter Delicious Digg Facebook LinkedIn Newsvine Propeller Yahoo! Buzz Print Obama administration officials estimated a moratorium on deepwater oil drilling in the Gulf of Mexico would cost 23,000 jobs and decided on the ban anyway because of safety and inspection concerns, the Wall Street Journal said.
White House officials weighed alternatives to the ban after a federal judge threw out a moratorium put in place before the one currently in effect, the Journal said, citing more than 27,000 documents the Justice Department filed in New Orleans this week. The documents show debate over how the administration would respond to legal and political opposition to the restrictions, the Journal said.
The current prohibition on most drilling in the Gulf is in effect until Nov. 30. Administration officials expect the ban may be lifted before then, pending expert opinions given in the next few weeks.
The April 20 explosion at a BP Plc oil facility sank a $365 million rig, shut down deep-water exploration in the Gulf of Mexico and wiped out more than $45 billion in the market value of London-based BP. The blowout, being investigated by the Justice Department and House and Senate committees, cost Chief Executive Officer Tony Hayward his job and prompted threats from some lawmakers to bar BP from future offshore U.S. oil deals.
To contact the reporter on this story: Alan Bjerga in Washington at [email protected]
http://www.bloomberg.com/news/2010-08-21/white-house-officials-estimated-drilling-ban-to-cost-23-000-jobs-wsj-says.html
More Hope and Change