The highly controversial decision by the Obama administration to impose a deepwater oil drilling moratorium for the Gulf of Mexico after the BP (NYSE:BP) oil spill may be coming to an end, although it's doubtful whether it'll help to get people who lost their jobs as a result back to work anytime soon.
White House Press Secretary Robert Gibbs said he believes the process will be over fairly quickly.
Gibbs said, "I believe this process will wrap up very soon." He didn't say what type of time-frame is being dealt with.
New regulations for shallow-water drilling are having an effect of a moratorium as well, as it has slowed down significantly the permitting process, which has cost a lot of jobs in the region as well.
So if the moratorium is lifted and the same misguided permitting process is left in place, the Obama administration gets to make it look like they dropped the moratorium before the elections, while essentially holding back the entire region in connection to the oil and gas industry.
It would be surprising to see the moratorium still be in place after the elections. More than likely several days before the voting the announcement will be made.
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