Tags: Barack Obama | Economic- Crisis | Obama Cabinet | | Tantaros | deepwater | drilling

Obama's Offshore Drilling Ban Will Sink the Economy

By Andrea Tantaros   |   Thursday, 15 Jul 2010 03:12 PM

Come hell or, in this case, deep water, the Obama administration is determined to find a way around a recent federal court ruling that overturned its six-month offshore drilling ban in the Gulf of Mexico.

In an effort to appease environmental groups, President Obama's team has drafted a revised version of the moratorium that would continue to keep deepwater activities at a standstill, likely triggering another lawsuit and an expensive court battle.

This will turn an environmental disaster into an economic catastrophe.

In the ruling that knocked down the drilling ban, U.S. District Court Judge Martin Feldman wrote that companies working in the Gulf's offshore oil and gas fields would, in effect, be punished for "an invalid agency decision to suspend drilling of wells in depths of over 500 feet."

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