IEA head warns against prolonged drilling moratorium in U.S.

07/1/2010 | Reuters

Companies will have to move their oil and gas rigs elsewhere if the U.S. extends its ban on deepwater drilling beyond this year, said Nobuo Tanaka, head of the International Energy Agency. "We have to have, clearly, an ample supply of offshore oil and gas," he said in an interview. Tanaka also said that while BP should be held liable for the Gulf of Mexico spill's cleanup expenses, the company must continue to explore for oil and gas to meet the needs of the global economy.

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