OFFSHORE DRILLING

Obama Suspends Bids in Virginia

Making good on his promise, President Barack Obama has suspended an approval process for new offshore drilling projects on the Virginia coast. Three public hearings in Virginia were scheduled by the Minerals Management Service, the agency responsible for issuing new drilling leases, but the president has put them on hold pending a government safety review of offshore practices. While Obama has supported increased drilling in the past, he placed a moratorium on any new offshore drilling after the recent oil spill in the Gulf of Mexico.