Prepare for the cost of gas to go through the roof:
Obama halts drilling at all deep-water Gulf rigs
Some of the 33 rigs already drilling must stop. Others preparing to drill must cease preparations until further investigations are conducted.
The WSJ is liveblogging the press conference:
12:56: Obama announces the news: they are suspending the exploration of two regions off of Alaska, as well as off the Gulf Coast and Virginia, and suspend action on 33 wells currently being explored. Tough news for the U.S. oil industry.
This morning I was predicting that we’ll be heading to more inflation; this is even worse than I expected.
While Obama ends production of that oil, we’re going to be buying oil from producers from other countries who are drilling in the Gulf. Those rigs don’t stop simply because Obama wants them to.
