Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Offshore Drilling Moratorium: Hear It From The Little People

Politics / Oil Companies Jul 06, 2010 - 10:14 AM GMT

By: Static_Chaos

Politics

Hornbeck, a $400-million vessel company in Louisiana, filed a lawsuit against the administration on June 7, a month after the moratorium started.


CNN Money reports that Hornbeck, like many Gulf oil service providers, has one-third of its sales coming  from contracting its 200-plus-foot vessels to provide transport services for deepwater drilling operations in the Gulf. Without drilling, vessels were sitting idle. While larger players may seek work in the international water by redeploying vessels and personnel, it is quite cost inhibitive for smaller companies like Hornbeck to pursue that route.

A dozen other Gulf-based businesses with more than 10,000 employees joined Hornbeck in the suit, while Louisiana governor Jindal also threw in his support. Their argument centered on the legality of the ban when many drillers met all regulatory requirements. Gulf of Mexico driller Diamond Offshore also filed a separate law suit against the Administration over the legality of the moratorium on June 17.

The Hornbeck case culminated with an injunction against the ban issued by U.S. District Judge Martin Feldman in New Orleans. However, no one is going back to work in the Gulf due to the lingering uncertainty. White House has filed an immediately appeal, while the Interior Dept. is mulling a "modified" moratorium.

Not surprisingly, a lot of hoopla is going around about Judge Feldman's stock portfolio. Various media reports indicated that Judge Feldman sold stock in Exxon Mobil Corp just hours before his ruling.

In reality, if we look around, almost everyone owns Exxon stocks in some shape or form through pensions, 401K's, mutual funds, ETFs, etc. since Exxon is a typical blue chip with nice dividend payout. The bottom line is that it would be quite difficult for anyone to extricate from the "Exxon stock association."

Last but not least, Exxon is like 20 times removed from the BP Macondo well explosion. The conflict of interest argument some are attempting to hang on Judge Feldman seems nothing more than a political ploy.

Meanwhile, this news video from CNN gives a refreshing perspecitve on BP and ofshore drilling from the regular working people in Louisiana.

By Static Chaos

http://static-chaos.blogspot.com

© 2010 Copyright Statoc Chaos- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in