• The blocking off of drilling affected thousands of Gulf Coast jobs. As bad as the oil spill is, the side effect of stopping offshore drilling to get regulators back in lockstep was nearly as damaging for the region’s economy. When the new regulations are put into place as soon as Tuesday, expect new rules on shallow water oil and gas drilling. Also, the White House is considering canning the liability cap on oil spills, because, well, hey, BP can afford to pay for the mess. source

Posted by Ernie Smith • Permalink