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ISSUES....
Inside, confidential and off the record
2nd moratorium
President Obama remains openly antagonistic toward off-shore drilling, whether in deep or shallow water.The President promised to introduce another drilling
moratorium in the Gulf if the 5th district court in New Orleans decided against the Administration and disallowed the current moratorium. The court case was brought Hornbeck Offshore Services whose management argued that the ban on drilling was far too broadly written and was of course deleterious to Hornbeck’s private interests. The hearing began at 3:00 p.m. yesterday afternoon, and it was expected to be a day or two before the Court rendered its decision Instead, the court rendered its decision yesterday
afternoon. The three appellate judges voted 2-1 to uphold the lower court’s decision to stay the Administration’s moratorium, with the one dissenting
judge only “partially” dissenting, granting the Administration the right to apply for emergency powers to halt off-shore drilling.
The judge rendering the decision said thatan invalid agency decision to suspend drilling
of wells in depths of over 500 feet simply
cannot justify the immeasurable effect on the
plaintiffs, the local economy, the Gulf region,
and the critical present-day aspect of the
availability of domestic energy in this country…
[And further] the court is unable to divine or
fathom a relationship between the findings (of
the government) and the immense scope of
the moratorium. The plaintiffs assert that they
have suffered and will continue to suffer
irreparable harm as a result of the moratorium.
The court agrees.Now the markets await the Administration’s decision. It
would be a terrible shame if the Administration
chooses to issue a 2nd moratorium, but at the moment
that is what it appears they shall do:
- Dennis Gartman/ The Gartman Letter / 07/09/ 2010
- For more on interesting comments, you can subscribe to The Gartman Letter by contacting Dennis Garthman: Phone-Fax:or email: dennis@thegartmanletter
ISSUES.... 07/08/2010 / - Send Us Your Issues
ISSUES.... Inside, confidential and off the record
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