Moratorium lifted - deepwater drilling to resume (soon)

The Obama administration announced today that it is lifting the moratorium on deepwater drilling that it imposed after the BP oil spill in the Gulf of Mexico earlier this past summer, the result of a blowout of a BP well on April 20. This blowout resulted in the largest maritime oil spill in American history and resulted in a moratorium on deepwater drilling that was to remain in effect until November 30 – now October 12.

According to Interior Secretary Ken Salazar “We have made and continue to make significant progress in reducing the risks associated with deepwater drilling… [therefore] I have decided that it is now appropriate to lift the suspension on deepwater drilling for those operators that are able to clear the higher bar that we have set.”

White House officials were quick to add that it might be weeks or even months before drilling operations can resume due to the permitting process that companies must undergo for these wells before drilling can resume.

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