The decision to lift the controversial oil drilling moratorium in the deep waters of the Gulf of Mexico as a result of the BP (NYSE:BP) oil spill, was for the most part irrelevant, and the time it was in place and the added regulations in essence effectively keep the ban in place even though it has been officially lifted.
This doesn't mean there won't be the resumption of drilling for oil in the deep waters of the Gulf, just that it'll take a long time to vet the process and jobs will continue to be scarce for some time in the region.
Shallow-water drilling is experiencing that very thing now, as the permitting process has slowed things way down from normal, and is being used as a tool in place of an actual moratorium, which would have generated even more of an outrage from the region.
We at Dripping Oil thought Obama was going to wait a little longer to lift the moratorium because of politics and the election, but this is still a political move in that it would have remained in place into November, but there still won't be much activity through that time, making it more symbolic than useful.
It'll take a long time to get things ramped up again and people back to work. And there's no guarantee oil companies will be able to quickly have everything in place to pass the new regulations, which the Interior Department promises will increase as time goes on.
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