Oil Companies Still Hurting 2 Months After Drilling Ban Lifted

Deepwater-Horizon-drilling-rigIn response to the April 20, 2010 explosion on the Deepwater Horizon drilling rig in the Gulf of Mexico, new safety rules were adopted by Congress to help insure that a similar disaster would be less likely to reoccur. Before the new legislation was passed, a total ban on drilling was enforced and a few months after the safety rules were legislated, the drilling ban was lifted.That was two months ago, and oil companies are still waiting for approval from the government to drill the first new oil well since the ban. The Obama administration is taking its time, with the approval of environmental groups, saying that the Gulf disaster exposed the risks involved in offshore drilling. Therefore, caution is prudent.But oil companies like Chevron Corporation and Royal Dutch Shell PLC say they are losing enormous amounts of money waiting for approval to drill. Billions of dollars are at stake, tied up in Gulf projects which are indefinitely on hold. Workers are still being paid and other expenses connected to these projects cannot be put on hold. More modest sized companies are even harder hit by the delay due to their inability to work on other projects while waiting.

Alyssa Anderson

Alyssa Anderson has been involved in the world of business on several levels for many years. She was the CEO of a start-up high-tech company until its purchase by a global on-line e-business. Alyssa helped formulate marketing strategies for several other companies as an independent consultant, and she has advised local government on methods to achieve appropriate fiscal responsibility. Her opinions are well known through her many editorials which have been published throughout her career in a variety of local and national print media. She has been heard on radio discussing current issues affecting the business community and Alyssa hopes to bring her special brand of commonsense coupled with uncanny insight into her editorial responsibilities as the Business Page editor for Left Justified. Contact Alyssa at alyssa(at)leftjustified.com.

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