Dec. 1 (Bloomberg) -- The Obama administration has reversed a decision to allow oil and natural-gas drilling in the eastern Gulf of Mexico and off part of the Atlantic coast following the BP Plc spill, an administration official said.

President Barack Obama won’t support new drilling in those areas in the administration’s next five-year plan for offshore exploration, according to the official familiar with the administration’s decision who spoke today on condition of anonymity before a planned announcement. Interior Secretary Ken Salazar may discuss the decision on a conference call with reporters later today.

Read the complete article here on Bloomberg.
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This is not good news, either for our economy, which could use the jobs, the states, which could use the royalty revenue, our efforts toward energy independence or for the federal tax coffers.

<sarcasm>Of course, aside from that, it isn't too bad... </sarcasm>