Oil Industry Starts to Halt Gulf Drilling

According to a report from The Wall Street Journal, oil and gas companies began halting exploratory drilling in the deepwater of the U.S. Gulf of Mexico following a federal government order. Exxon Mobil Corp. (XOM) and Marathon Oil Corp. (MRO) said they have stopped drilling two wells in the Gulf. Chevron Corp. (CVX), the second-largest publicly traded oil company after Exxon, warned that an offshore drilling moratorium extension will have a lasting negative impact in the U.S. economy.

(Source: The Wall Street Journal)