Lifting of Deep-Water Drilling Ban Fails to Win Praise
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The Obama administration’s decision yesterday to lift its ban on deep-water drilling ahead of schedule satisfied neither energy companies nor critics of offshore oil and natural-gas exploration.
Drillers are waiting for approval to go back into operation under new rules intended to prevent a repeat of BP Plc’s oil spill in the Gulf of Mexico, Randall Luthi, president of the Washington-based National Ocean Industries Association, said in a statement. Drilling contractors extended gains for a second day in New York trading.