Why did Obama put a stop to Oil Drilling?

Was it to do with the BP accident

caused by one person leaving a cap undone.

BP has paid out 4 Billion in compensation by selling their subsidaries.

That has given them a financial crises.

The BP oil spill is still hurting the gulf coast,the hurricane we had in Aug. uncovered over a million tons of oil hidden below the surface of the gulf and in the sand, once again the wildlife is being affected and the seafood industry is once again crippled. BP will continue to finance the cleanup until it is done right and compensate the business for millions of lost income. It wasn't just as simple as one person forgetting to do something. For a long time BP had cut corners on the Deep Water Horizon oil rig, but as a result of the spill was Obama suspended all drilling permits, thus sending oil companies to other countries and putting thousands of people out of work. I have no pity for BP , just like Valdez spill some 25 years ago there are lasting issues with the environment that the companies are held responsible for. I am 25 miles from beaches that oil washed up on, mixed with the oil were chemicals to dissolve it, now mutant crabs, fish and shrimp are showing up, and many of the cleanup workers have gotten sick, this will be on going for many many years to correct the devastation.

Thanks for reply and info

Cost cutting and cutting corners...I remember now.

Very tragic...gross negligence in 2010

The Compensation was 12 Billion not 4

The drilling partners U.S. Haliburton and Transoceon
are they still operating?

BP is on it's knees with ongoing new penalties.


http://www.nytimes.com/2010/05/06/us/06alaska.html?_r=0

Recovery is still incomplete
I just looked this info up.

BP had subbed from Transoceana, Halliburton was in charge of the concrete that was poured at the underwater drilling site, it also was found to be a substandard job. All three companies have put up substantial funds for the recovery. BP has many oil platforms around the world not just in the Gulf of Mexico, Deep Water Horizon was one of several multi mile deep drilling platforms off the southern coast . All the major oil companies have deep water rigs as well as shallow ones. When Obama imposed the moratorium it all but crippled offshore drilling by not allowing new permits to be issued and closing down a large section of the gulf. Slowly with new regulations permits are being issued, but it is smothering the oil industry in the gulf. The US has many wells off the coast of Mexico but they are paying heavy taxes and fees to move this oil.

BP yesterday finished installing another cap on a pipe close to the original oil leak, there has been an oil sheen in the area for the past several weeks. They used a containment cubicle with a 750 lb. cap attached.

All clever stuff SSC

Wonder what the compensation Transoceana, Halliburton paid out.

Bet they got of light.

BP is suing them to pay the full cost but it will never happen. Although BP has paid out well above 7 billion the cost will go higher, but it doesn't seem to be having a big effect as their stocks are climbing in trading price.