Offshore oil and gas in the Gulf of Mexico (United States) and part of offshore Alabama, since 1995. In March 2010, President Barack Obama announced plans to allow drilling in the eastern Gulf of Mexico, in federal waters greater than from the coasts of Alabama and Florida. In December 2010, following the "Deepwater Horizon" oil spill, the Obama administration reversed its plans to open the eastern Gulf, and imposed a moratorium on new drilling in the eastern Gulf of Mexico for at least seven years. The "Deepwater Horizon" oil spill (also referred to as the BP oil spill, the BP oil disaster, the Gulf of Mexico oil spill, and the Macondo
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You