New Oil Drilling Locations Update
Staying up on the latest drilling projects can be really important to understanding good companies to invest in. Knowing the new projects, and the companies working on them can help you to get in on stocks before they pop. Here are some of the latest approved drilling projects thanks to Darrell Delamaide.
The first tract that might become available is offshore Virginia, already designated for a lease sale in 2011 before the Obama administration stopped it last year. Other blocks would be available only in 2012 at the earliest, pending government studies. Actual exploration and drilling may be years away.
The president excluded the Atlantic Coast north of Delaware, much of offshore Florida, and the entire U.S. Pacific Coast. He also excluded Bristol Bay in Alaska, while opening two sectors north of Alaska that are thought to have large untapped reserves.
Sectors in the eastern Gulf of Mexico tract are believed to be the richest of the offshore fields included in the decision. The area may contain 3.5 billion barrels of oil and 17 trillion cubic feet of natural gas, according to some estimates. The western sector of the Gulf has already been developed with hundreds of offshore drilling platforms.
Offshore drilling seems to be the name of the game. There has been a lot of backlash against the idea of more offshore drilling following the Gulf spill. Looks like you better get ready for more offshore drilling, looks like that is where the approval is being given.
Quotes from report by Darrell Delamaide, Read the entire article here.
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