Thursday - January 22, 2009
Let’s get the Oball Rolling!
White House may put hold on offshore drilling plan
U.S. President Barack Obama may order a hold on a proposal issued in the final days of the Bush administration to expand offshore drilling in previously banned areas, an Interior Department official told Reuters on Wednesday.Shortly after being sworn in on Tuesday, Obama ordered all federal agencies and departments to halt pending regulations until they can be reviewed by incoming staff.
An Interior official said the department is waiting for clarification from the White House on whether a proposed draft of a five-year plan to lease areas in the Atlantic and Pacific waters for oil and natural gas drilling can go forward.
The preliminary plan would authorize 31 energy exploration lease sales between 2010 and 2015 for tracts along the east coast and off the coasts of Alaska and California.
Both presidential and congressional bans on drilling in most U.S. waters ended last year.
Separately, the Interior official said the department’s plan to develop oil shale fields in the western United States may also be stopped by Obama’s order.
Meanwhile, U.S. CRUDE FUTURES SETTLE AT $43.67/BBL, UP 12 CENTS That’s quite a jump since $33/bbl on Monday, seeing as it’s only Thursday.
Well, at least we won’t NOT HAVE ANY oil. Looks like we’re friggin swimming in it right now.
* U.S. crude inventories jumped 6.1 million barrels last week to 332.7 million barrels, while domestic gasoline stocks leaped 6.5 million barrels to 220.0 million barrels, far above
analysts’ forecasts in a Reuters poll, government data showed [EIA/S].* Stocks in the Cushing, Oklahoma, delivery hub for NYMEX-traded crude rose 200,000 barrels to 33.2 million barrels, extending record storage at the site.
* U.S. distillate stocks rose 800,000 barrels to 145 million barrels, against the forecast for small decline.
so of course, the farmers are growing corn as fast as they can, for all the ethanol to add to the gasoline we aren’t using.
Posted by Drew458
on 01/22/2009 at 03:49 PM
Filed Under: • Obama, The One • Oil, Alternative Energy, and Gas Prices •
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