BP (NYSE:BP) Spill Results in 7-Year Oil Ban on Eastern Gulf

The inept Barack Obama continues to show his cluelessness concerning business and energy, as he has now banned any new drilling in the eastern portion of the Gulf of Mexico for seven years in response to the BP (NYSE:BP) oil spill.

This isn't a surprise, as the dishonest and alleged lifting of the oil moratorium in the Gulf has been a joke, as they simply lifted it and don't allow any new drilling permits, effectively keeping the moratorium in place as far as its effects go.

So the new safety regulations, rejection of permits, and now this misguided decision to halt any new drilling in the eastern Gulf of Mexico will cripple the domestic supply of oil going forward.

This is all political of course, as Obama is surely doing it in this region to cater to his east coast base, who don't want an oil spill coming into their elitist back yards, but also because Obama wants to be sure another accident doesn't paint him as being incompetent, even though that has long ago revealed itself as being the case in many areas because of his complete lack of experience in governance.