Court of Appeals Rules Against Obama Offshore Ban

Before you go, we thought you'd like these...
Before you go close icon
The Obama administration lost its second legal bid to ban offshore deepwater drilling in the Gulf of Mexico for six months. An appellate court supported the ruling of Judge Martin L.C. Feldman of U.S. District Court in New Orleans that the ban was too broad. It also punished oil companies with strong safety records, Feldman said. The original suit was brought by Hornbeck Offshore Services and several companies in similar businesses.

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit supported a case against the Interior Department, which had imposed the ban. The court ruled only two hours after hearing final arguments. The Obama administration said it would issue a new ban with language different from the one that the courts ruled against.

Many of the rig operators and their suppliers will probably not resume work until the matter is fully resolved. They are losing money while they suspend operations, but worry that a new government ban will shutter their operations again. The reworded ban will almost certainly end up in court, which means an ultimate resolution could be weeks or months away.
Read Full Story

Markets

S&P 500 2,384.20 -4.57 -0.19%
DJIA 20,940.51 -40.82 -0.19%
NASDAQ 6,047.61 -1.33 -0.02%
DAX 12,438.01 -5.78 -0.05%
NIKKEI 225 19,236.98 40.24 0.21%
HANG SENG 24,615.13 -83.35 -0.34%
USD (per EUR) 1.09 0.00 -0.14%
USD (per CHF) 1.00 0.00 0.22%
JPY (per USD) 111.63 0.33 0.30%
GBP (per USD) 1.29 0.00 -0.19%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

20 Folks Recall Shocking Interview Moments That Made Them NOT Want the Job 20 Folks Recall Shocking Interview Moments That Made Them NOT Want the Job
Man Felt Something Inside His Nose - But What Doctors Pull Out Leaves Everyone Stunned Man Felt Something Inside His Nose - But What Doctors Pull Out Leaves Everyone Stunned
Rescuer Sees Bumps All Over This Dog's Skin - Then X-Rays Reveal The Tragic Story Rescuer Sees Bumps All Over This Dog's Skin - Then X-Rays Reveal The Tragic Story