In a new development in the oil company world, Seahawk Drilling Inc, is being bought out by another large oil company called Hercules Offshore Inc. Seahawk Drilling, in order to avoid bankruptcy, sold its assets to it's competition Hercules Offshore Inc. The deal is worth approximately $100 million. Seahawk Drilling however did not go out without some words for President Obama. They were critical of Obama and blamed him for "a crippling regulatory environment in the aftermath of the BP PLC oil spill."
This article brings up the issue of the oil regulations after the BP spill. Most oil companies are losing revenue because the new regulations make the drilling process longer and more expensive. President Obama set up these regulations because of the catastrophic BP spill. While they are supposedly making the process safer, are they worth it? Seahawk Drilling argues its not worth it, but that might be the bankruptcy talking. Michael Bromwich, director of the Bureau of Ocean Energy Management, Regulation and Enforcement, said "We know the pace is not as fast as some would like, and we regret the impact the permitting process has had on companies and individuals." This is a hot topic issue that we have to keep our eyes on in the future.
http://online.wsj.com/article/SB10001424052748704329104576138851833497500.html?mod=WSJ_Energy_leftHeadlines#printMode
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