A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history. Drilling services shares jumped on the news.
A federal judge denied the U.S. government’s request to delay an order that allows deepwater oil drilling to resume while the U.S. notified an appeals court it would challenge the decision lifting the six-month moratorium.
The U.S. defended its moratorium on deep-water drilling in the Gulf of Mexico as offshore oil- services companies asked an appeals court to uphold a New Orleans judge’s decision blocking enforcement of the ban.
U.S. regulators told a federal court that a revised deep-water oil drilling ban was a matter of public policy and should be upheld, while another court declared the original moratorium “legally and practically dead.”
The New Orleans judge who lifted the U.S. ban on deep-water drilling in the Gulf of Mexico probably lost money selling shares of Exxon Mobil Corp. the same day he issued his ruling, according to records released today.
Citigroup Inc. failed yesterday to win a judge’s approval to pay $75 million to settle with the U.S. Securities and Exchange Commission over claims the bank misled investors by understating subprime-related holdings.