By Sell Puts
(Originally posted @Economic Burn)
The Miami Herald reports a Federal Judge has ruled on Obama's drilling moratorium. The ruling is nothing to be excited about. One reason they are destroying thousands of jobs vital to the gulf coastal community. The only energy positive i see is lower oil prices should be on the near horizon based on us usage declines.
(WSJ Writes) The moves by the new director of the Bureau of Ocean Energy Management, Regulation and Enforcement, Michael Bromwich, reflect a broader effort by Washington to sever the links between oil companies and federal regulators in the wake of the BP PLC oil spill in the Gulf of Mexico.
But the rules highlight the challenge Mr. Bromwich faces in pulling apart the ties of friendship, family and culture in the Gulf Coast communities that depend on offshore drilling.
Interesting quote on coastal community members affected by the regulation.
"They work in oil and gas companies offshore, and then come and work for us, and in some cases go back. That's problematic," stated Mr. Bromwich, Director of the Bureau of Ocean Energy Management, Regulation and Enforcement
