We were a bit skeptical when the announcement was made.
For good reason.
...as a result of the Obama decision, the Interior Department will spend several years conducting geologic and environmental studies along the rest of the southern and central Atlantic Seaboard. If a tract is deemed suitable for development, it is listed for sale in a competitive bidding system. The next lease sales — if any are authorized by the Interior Department — would not be held before 2012.
Saudi Arabia will be pleased--as will the Commie tinpot in Venezuela.
Co-incidence, I'm sure.
More from Gateway:
The Obama Administration plan would discard the 2010-2015 Outer Continental Shelf lease plan that had been set in motion by the previous Administration and delay the implementation of their new plan until 2012. This new two-year “Obama Moratorium” (2010-2012) would almost certainly delay any new exploration in areas previously under moratoria until after the president’s entire term. The president’s plan would then keep several areas off limits, including the Pacific coast from Mexico to Canada, the Atlantic coast north of Delaware, parts of Alaska, and the most promising areas of the Gulf of Mexico.
Against the will of the American people and Congress, the Administration is essentially unilaterally reinstating the drilling ban for an additional two years, signaling to markets that supply will not expand, thus raising prices.
Like I said, Venezuela and Saudi Arabia.
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NYMEX Crude was down today Dadster.
Hell of a signal.
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