Obama Bans New Deepwater Oil Wells (BP, RIG)

President Barack Obama has announced a six-month ban on drilling new deepwater oil wells. He has also cancelled new lease sales and exploratory drilling. The move is in response to the recent Gulf of Mexico mishap. The administration has received flak for the accident. The government is trying to show that it is doing its best in holding BP (ADR)

and Transocean

responsible for this. The administration announced that it will “announce standards to strengthen oversight of the industry and enhance safety, a first step in a process that the independent presidential commission will continue.”