Best of the Week
Most Popular
1. Climate Change Mass Extinction - Birds, Bees and Bugs: Going Going Gone - Richard_Mills
2.A Purrrfect Gold Price Setup! - Peter_Degraaf
3.Who Finances America's Borrowing? Recession Indicator for Independent Thinkers Part 2 - F_F_Wiley
4.America’s One-sided Domestic Financial War - Raymond_Matison
5.Gold Price Summer Doldrums - Zeal_LLC
6.Two Key Events Will Unleash Gold - Jim_Willie_CB
7.Billionaire Schools Teacher in NAFTA Trade Talks - Richard_Mills
8.Get Out Of Crypto Cannabis Bubble Before It Pops and Move Into Bargain Basement Miners - Jeb_Handwerger
9.Stock Market Could Pullback for 1-2 weeks, But Medium Term Bullish - Troy_Bombardia
10.G7 Chaos, Central Banks and US Fed Will Drive Stock Prices This Week - Chris_Vermeulen
Last 7 days
Warning All Investors: Global Stock Market Are Shifting Away From US Price Correlation - 20th Jun 18
Gold GLD ETF Update… Breakdown ? - 20th Jun 18
Short-term Turnaround in Bitcoin Might Not Be What You Think - 19th Jun 18
Stock Market’s Short Term Downside Will be Limited - 19th Jun 18
Natural Gas Setup for 32% Move in UGAZ Fund - 19th Jun 18
Magnus Collective To Empower Automation And Artificial Intelligence - 19th Jun 18
Trump A Bull in a China Shop - 19th Jun 18
Minor Car Accident! What Happens After You Report Your Accident to Your Insurer - 19th Jun 18
US Majors Flush Out A Major Pivot Low and What’s Next - 18th Jun 18
Cocoa Commodities Trading Analysis - 18th Jun 18
Stock Market Consolidating in an Uptrend - 18th Jun 18
Russell Has Gone Up 7 Weeks in a Row. EXTREMELY Bullish for Stocks - 18th Jun 18
What Happens Next to Stocks when Tech Massively Outperforms Utilities and Consumer Staples - 18th Jun 18
The Trillion Dollar Market You’ve Never Heard Of - 18th Jun 18
The Corruption of Capitalism - 17th Jun 18
North Korea, Trade Wars, Precious Metals and Bitcoin - 17th Jun 18
Climate Change and Fish Stocks – Burning Oxygen! - 17th Jun 18
A $1,180 Ticket to NEW Trading Opportunities, FREE! - 16th Jun 18
Gold Bullish on Fed Interest Rate Hike - 16th Jun 18
Respite for Bitcoin Traders Might Be Deceptive - 16th Jun 18
The Euro Crashed Yesterday. Bearish for Euro and Bullish for USD - 15th Jun 18
Inflation Trade, in Progress Since Gold Kicked it Off - 15th Jun 18
Can Saudi Arabia Prevent The Next Oil Shock? - 15th Jun 18
The Biggest Online Gambling Companies - 15th Jun 18
Powell's Excess Reserve Change and Gold - 15th Jun 18
Is This a Big Sign of a Big Stock Market Turn? - 15th Jun 18
Will Italy Sink the EU and Boost Gold? - 15th Jun 18
Bumper Crash! Land Rover Discovery Sport vs Audi - 15th Jun 18
Stock Market Topping Pattern or Just Pause Before Going Higher? - 14th Jun 18
Is the ECB Ending QE a Good Thing? Markets Think So - 14th Jun 18
Yield Curve Continues to Flatten. A Bullish Sign for the Stock Market - 14th Jun 18
How Online Gambling has Impacted the Economy - 14th Jun 18
Crude Oil Price Targeting $58 ppb Before Finding Support - 14th Jun 18
Stock Market Near Another Top? - 14th Jun 18
Thorpe Park REAL Walking Dead Living Nightmare Zombie Car Park Ride Experience! - 14th Jun 18

Market Oracle FREE Newsletter

5 "Tells" that the Stock Markets Are About to Reverse

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.


© 2005-2018 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

6 Critical Money Making Rules