Menu

Lawmakers react to federal judge's ruling blocking White House offshore drilling moratorium

WASHINGTON (AP) — Lawmakers are coming down on both sides of a federal judge's ruling against the Obama administration's moratorium on new deepwater drilling.

Republican Sen. David Vitter of Louisiana applauds the decision, saying it recognizes the president's powers aren't unlimited. Vitter also says the moratorium is "wreaking havoc on jobs" in his state.

Massachusetts Democrat Edward Markey, who chairs a House energy independence committee, called the ruling "another bad decision in a disaster riddled with bad decisions by the oil industry."

A New Orleans judge on Tuesday struck down the six-month ban imposed after the Gulf oil spill, saying the Interior Department had failed to provide adequate reasons for it.

The White House says it will appeal.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.29% dw 4.32%  
15 Y Fixed Graph 3.26% dw 3.29%  
30 Y Fixed Jumbo Graph 4.73% up 4.61%  
5/1 ARM Graph 3.37% up 3.34%  
5/1 Jumbo ARM Graph 3.72% up 3.60%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% -- 4.38%  
$50K HELOC Graph 4.11% -- 4.11%  
$30K Loan Graph 4.98% -- 4.98%  
$50K Loan Graph 4.39% dw 4.40%  
$75K Loan Graph 4.39% dw 4.40%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.90% dw 2.91%  
36 M Used Graph 3.40% -- 3.40%  
48 M New Graph 3.15% dw 3.16%  
48 M Used Graph 2.91% up 2.90%  
60 M New Graph 3.16% dw 3.18%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% -- 0.35%  
1 yr Graph 0.66% dw 0.67%  
5 yr Graph 1.38% -- 1.38%