The Obama administration reversed course Wednesday and said it wouldn't allow drilling off the Atlantic coast and in the eastern Gulf of Mexico near Florida, citing safety concerns after the worst offshore oil spill in U.S. history.
The decision was a fresh setback for the oil industry following the BP PLC spill, and subsequent revelations about events leading up to the April 20 explosion that sank the Deepwater Horizon oil rig and killed 11 people. The industry already faces a virtual freeze on permits to drill new wells on existing leases as regulators weigh tougher safety and environmental requirements.
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http://online.wsj.com/article/SB20001424052748704594804575648623586731384.html-----------------------------------
More good news from the Obama Administration
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