Oil companies will be pleased by the latest development in the continuing back-and-forth concerning offshore drilling. A U.S. Court of Appeals turned down the president’s request to change a ruling that had lifted his initial temporary six-month moratorium on offshore drilling. As a result, the Interior Department will now likely issue a revised moratorium that bans deepwater drilling below 500 feet. Following this is way more headache-inducing than it seems like it should be. [Reuters]
