Many have heard this morning that a Federal Disctrict Court Judge granted a Temporary Restraining Order against the Obama Administration's moratorium on deep water drilling. As the New York Times reports:
Citing potential economic harm to businesses and workers, Judge Feldman wrote that the Obama administration had failed to justify the need for such "a blanket, generic, indeed punitive, moratorium" on deep-water oil and gas drilling.
"The blanket moratorium, with no parameters, seems to assume that because one rig failed and although no one yet fully knows why, all companies and rigs drilling new wells over 500 feet also universally present an imminent danger," wrote Judge Feldman, a 1983 appointee of President Ronald Reagan.
What is amazing, is that Judge Feldman has had significant holdings in companies that drill in the Gulf. Judicial Watch has posted the most recent financial disclosure form for Judge Feldman. Amazingly this judge owned Transocean stock, the company which all know owned the faulty rig. Here are the some of the other holdings in companies involved in the Energy and or drilling business:
BlackRock ($12000- $36000)
Ocean Energy ($1000 – $2500)
NGP Capital Resources ($1000 – $2500)
Quicksilver Resources ($5000 – $15000)
Hercules Offshore ($6000 – $17500)
Provident Energy Peabody Energy
PenGrowth Energy RPC Inc
Atlas Energy Resources
Parker Drilling
TXCO Resources
EV Energy Partners
Rowan Companies
BPZ Resources
El Paso Corp
KBR Inc
Chesapeake Energy
ATP Oil & Gas
Moreover during 2008 Judge Feldman bought stock in companies that were involved in drilling. For example, on April 25th of 2008 he bought stock in ATP Oil and Gas.
Given these holdings it is amazing that the Judge wrote this opinion. The conflicts of interest here are just simply stunning.