Moratorium On Deepwater Drilling Issued

Six Month Moratorium on Deepwater Drilling

Secretary Salazar is ordering a moratorium on drilling of new deepwater wells until the Presidential Commission investigating the BP oil spill has completed its six-month review. In addition, permitted wells currently being drilled in the deepwater (not counting the emergency relief wells being drilled) in the Gulf of Mexico will be required to halt drilling at the first safe stopping point, and then take steps to secure the well. Additional safety checks will be imposed on ongoing deepwater drilling activities as they prepare to shut down their operations. The Department of the Interior will be issuing notices to lessees and other documentation necessary to implement the moratorium.

Probably a good thing, and it wasn’t that hard to predict.  As this Gulf disaster finally sinks into the public and government consciousness, this was bound to happen.

Also not hard to predict — price increases (on everything).  Remember, oil is transportation, food, fuel, traveling, shipping — everything.  There will be some slack time, as the accordion effect kicks in.

Update: Unfortunately, this only lasted 6 months. It’s now 2014 and deep water drilling has resumed. The Gulf is still highly toxic and poisonous.

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