After much criticism, the U.S. Government has issued a new revised moratorium which stemmed from BP's (NYSE:BP) disastrous oil spill. It was said Obama's administration would have to do this after a U.S. appeals court ruled against it, saying there wasn't legal basis to shut down all oil drilling. Especially when so many livelihoods depend upon it.
This new improved moratorium is geared more towards the people and business that have been effected. The priority being to protect the thousands of jobs in the Gulf region, while at the same time looking to make the oil industry safer. Ken Salazar, Interior Secretary, is to issue and put into effect the revised, more flexible moratorium at 4 pm EDT.
A government source said that under the new ban deepwater production will be allowed to continue, only some deepwater drilling will be banned. If new safety and environmental rules are meet than shallow drilling will be allowed to continue. If Salazar finds that deepwater drilling can be resumed safely, the freeze could end before November 30th, continued the source.
According to spokesman Robert Gibbs, the White House feels strongly that the revised moratorium will stand up in court.
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