‘Permitorium’ will restrict production, force gas prices up

Published December 1, 2010 5:00am ET



Virginia Gov. Bob McDonnell says he is “extremely disappointed” with the Obama administration for blocking development of significant oil and natural gas deposits off the coast of Virginia over the next seven years in the wake of the BP oil spill.

The Eastern Gulf of Mexico and the entire Atlantic and Pacific coasts were declared off-limits to drilling by Interior Secretary Ken Salazar, who said Wednesday that his department will delay two lease sales planned for next year in order to conduct environmental impact studies.

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