Four weeks ago, oil company executives were celebrating an Obama administration decision to expand drilling off the U.S. East Coast. Now, after a rig exploded and sank in the Gulf of Mexico, they face a grilling in Congress and tougher rules on how they do business. Representative Edward Markey, a Massachusetts Democrat, on Thursday told chief executives from five companies that they will be called to appear before his committee on Energy Independence and Global Warming. The companies include BP Plc, which leased the rig to drill the well that is now leaking 5,000 barrels a day into the waters off the coast of Louisiana.
President Barack Obama ’s six-month ban on new offshore drilling while a commission investigates BP Plc ’s Gulf of Mexico oil spill may slow employment gains after U.S. companies added fewer jobs than forecast in May.
President Barack Obama ’s moratorium on deep-water drilling is costing no more than 8,000 to 12,000 jobs because offshore rig operators have retained skilled workers, according to an administration report.