Reporting from Washington and Nuiqsut, Alaska -- A federal appeals court dealt a blow Friday to oil and gas industry efforts to allow drilling in the fertile energy-producing regions in the icy seas north of Alaska.
The Bush administration had started to auction off leases in the Arctic waters along Alaska's coast, which are expected to produce billions of barrels of oil. But a three-judge U.S. Court of Appeals panel in Washington ruled that the Interior Department had failed to properly assess the environmental impact of the leases. The court halted the program pending a full review...
...Since taking office, Obama's Interior secretary, Ken Salazar, has overseen lease auctions for drilling in the Gulf of Mexico. But the department also froze another five-year Bush administration plan to open even more areas -- including potential swaths of the California, Atlantic and Gulf coasts -- to drilling. Salazar instead called for months of public comments and launched a four-state listening tour on offshore energy issues, which wrapped up in San Francisco this week.
Government of the people, for the people and by the people. /heh
Supply vs demand = pricing.
Maybe I'll hold on to that XOM and BP stock after all.