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DEEPWATER HORIZON SPILL
How long will the political fall out from the spill delay plans to expand U.S. offshore drilling

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May 3, 2010

Schwarzenegger terminates support for offshore drilling project

Citing the disastrous oil spill in the Gulf of Mexico, California Governor Arnold Schwarzenegger today withdrew his earlier support for the the Tranquillon Ridge offshore drilling plan.

The T-Ridge project would see oil and natural gas producer PXP access oil and gas reserves located beneath California state waters from an existing federal platform that it currently owns and operates nearly 5 miles off the Coast of Northern Santa Barbara County.

PXP proposes to slant drill from Platform Irene located in Federal waters to reach oil and gas deposits located beneath state waters. PXP would not have to build any new offshore or onshore facilities or pipelines.

Today, though, the San Francisco Chronicle reports Governor Schwarzenegger as saying: "I see on TV the birds drenched in oil, the fisherman out of work, the massive oil spill and oil slick destroying our precious ecosystem. That will not happen here in California, and this is why I am withdrawing my support for the T-Ridge project."

His new stance all but guarantees the demise of the proposal , says the Chronicle.

The Governor had previously said that the state should approve the plan to raise as much as $100 million a year in new revenue.

"If I have a choice between $100 million and what you area see in the Gulf of Mexico," he said today, "I'd rather just find out a way to make up for that $100 million."


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