Offshore Drilling Ban Overruled in Federal Court
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This afternoon a Federal Judge overturned President Obama’s offshore deepwater drilling ban, calling it an “invalid agency decision” in his commentary on the case.

 

The moratorium on deepwater drilling in the gulf came immediately after the April 20th BP spill began, but on May 27, President Obama extended the ban for six months.

 

The move sparked immediate criticism from Louisiana Governor Bobby Jindal, along with corporate leaders, and oil workers whose livelihoods depend on deepwater offshore drilling. 

 

According to the Washington Post, the ban affected 33 deepwater drilling sites - but there are still over 3,600 oil and natural gas platforms in the Gulf.

 

It’s good news for the Louisiana economy, which depends on oil production for approximately 17% of its GDP - but its great news for shareholders of companies that explore and produce oil in the Gulf.

 

Chief Investment Strategist Ian Wyatt recently told his readers about a small company that specializes in exploration and horizontal drilling off the coast of Louisiana. While popular media outlets like Forbes Magazine were telling investors that small companies would “will likely move to sell out of the deepwater altogether,” Ian was telling his subscribers to buy this company.

 

The tables have turned and now this $1.1 billion company is poised to get back to making huge profits from increasingly higher oil prices.

 

Today, Ian is telling his readers about a group of small oil and gas companies in North Dakota - 1,300 miles away from the spill in the Gulf. These companies are currently producing oil in gas in an area known as the Bakken. The Wall Street Journal calls the Bakken “A massive oil reserve.”

 

Click here to find out the full story.





Posted 06-22-2010 3:36 PM by Ian Wyatt
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