Posted 06:42 PM Investor's.com
Energy: The White House has reversed its March decision and will now impose a drilling moratorium in the Gulf and off the Atlantic coast. It blames the BP spill, but that's just a convenient cover for the real reason.
The moratorium will last at least seven years and cover the eastern Gulf of Mexico and the eastern seaboard from the central Florida coast north to the Mid-Atlantic. Interior Secretary Ken Salazar said that in the wake of the Deepwater Horizon spill, drilling in these regions will have to wait until a "more stringent regulatory regime" is in place.
To please the environmentalist lobby, the administration is walking away from 7.5 billion barrels of oil and almost 60 trillion cubic feet of natural gas. Media reports indicate that only a portion of the seas that are now off-limits contain enough crude to fill up more than 2.4 million cars with gasoline and natural gas to heat 8 million homes for 60 years.
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