Appeals Court Denies Request to Stay Deepwater Drilling Ban Ruling

A U.S. Appeals court rejected a U.S. government requested to stay a lower court ruling that overturned the six-month moratorium on deepwater drilling moratorium.

The stay was requested by the government pending an appeal to the prior lower court ruling, which sided with the driller saying the blanket moratorium was "arbitrary and capricious."

The court also ordered that the government's appeal of the lower court ruling be expedited

The government may respond to the ruling by issuing a new drilling ban.

The 3-judge panel ruled that the government didn't demonstrate that it would suffer irreparable injury if the stay was not granted.

Related stocks: Hornbeck Offshore Services, Inc. (HOS), Anadarko Petroleum Corporation (APC), Transocean Ltd. (RIG), Halliburton Company (NYSE: HAL), Diamond Offshore Drilling Inc. (NYSE: DO), Atwood Oceanics, Inc. (NYSE: ATW), Noble Corp. (NYSE: NE).

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