Deep Water Drilling
On June 22, 2010, Judge Feldman issued a preliminary injunction blocking a six month moratorium on deep-water offshore drilling in Hornbeck Offshore Services LLC v. Salazar. White House press secretary Robert Gibbs indicated that the Obama administration intended to immediately appeal the decision to the Fifth Circuit Court of Appeals.
Feldman's 2008 financial disclosure report indicates that in that year, he owned stock in Transocean, the company that owned the Deepwater Horizon rig, as well as in other oil companies which would be affected by the moratorium. A federal judge is required to consider recusal when he owns shares in one of the parties in the case before him, however none of the companies listed in Feldman's 2008 disclosure were directly involved in the action against Salazar.
Feldman's 2009 financial disclosure report indicates that he had financial investments in BlackRock, the largest holder of BP stock. Feldman held stock in Exxon-Mobil during the hearing on the drilling moratorium and from June 8 to June 21, he issued several orders related to the moratorium case. On June 22, at the "opening of the stock market", he reportedly sold his Exxon-Mobil stock. Hours later, he issued his ruling lifting the moratorium.
As of the June 9, 2010 amended complaint, Transocean, Black Rock, BP and Exxon-Mobil were not plaintiffs in the action.
Read more about this topic: Martin Leach-Cross Feldman
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