Eaton's Arnold calls oil-drilling moratorium prudent

06/9/2010 | Bloomberg Businessweek

U.S. President Barack Obama made the right decision to implement a six-month moratorium on drilling permits in Gulf waters deeper than 500 feet as a result of the recent BP oil spill, according to Craig Arnold, Eaton's vice chairman. Even though Eaton makes various equipment such as hydraulic power units and other equipment used on oil rigs, offshore oil and gas account for only a small percentage of the company's total business, Arnold notes.

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