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Breaking News: Rallying Oil & Gas sector now going up to another Gear as President Obama allows

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June 02, 2010 – Comments (2) | RELATED TICKERS: SGY

Shallow water drilling to start up again. All sector stocks are rallying now but the shallow water oil & gas stocks are now taking over the lead higher.

 

http://news.yahoo.com/s/ap/20100602/ap_on_bi_ge/us_gulf_oil_spill_new_well

 

AP NewsBreak: Feds approve new Gulf oil well off La

 

Federal regulators approved Wednesday the first new Gulf of Mexico oil well since President Barack Obama lifted a brief ban on drilling in shallow water, even while deepwater projects remain frozen after the massive BP spill.

The Minerals Management Service granted a new drilling permit sought by Bandon Oil and Gas for a site about 50 miles off the coast of Louisiana and 115 feet below the ocean's surface. It's south of Rockefeller State Wildlife Refuge and Game Preserve, far to the west of the Deepwater Horizon oil rig that triggered the BP spill.

Obama last week extended a moratorium on wells in deep water like the BP one that blew out a mile below the surface in April and is gushing millions of gallons of oil. But at the same time, the president quietly allowed a three-week-old ban on drilling in shallow water to expire.

"I'm outraged," said Kieran Suckling, executive director for the Tucson, Ariz.,-based Center for Biological Diversity, after a reporter told him of the new permit. "How is it that shallow water drilling suddenly became safe again?"

Bandon Oil and Gas first sought the permit in April shortly after the Deepwater Horizon exploded and sank. The permit was approved Wednesday morning, according to MMS records.

Suckling said the administration was misleading the public by quietly resuming work in shallow waters while acting as if it was taking a tough look at deepwater work.

Interior Secretary Ken Salazar said in a news release Sunday that the extended moratorium on deepwater drilling was needed to provide time to implement new safety requirements.

"With the BP oil spill still growing in the Gulf, and investigations and reviews still under way, a six month pause in drilling is needed, appropriate, and prudent," Salazar said. He said the term "deepwater" referred to drilling at depths of 500 feet or greater.

 

 

 

 

 

2 Comments – Post Your Own

#1) On June 02, 2010 at 3:40 PM, IBDvalueinvestin (99.67) wrote:

The energy sector has seen a big bounce today as the biggest intraday outperformer, and has recently risen to fresh highs with the OIH +5.9% on the day. While the energy sector bounce comes amid an oversold situation, the natural gas stocks are getting an intraday boost from some favorable comments from President Obama. In his speech at Carnegie Mellon University, President Obama pushed for a transition to a clean energy economy, specifically calling for tapping into natural gas reserves, and moving ahead with plans to expand nuclear power. Natural gas futures extended their move higher following the close of pit trade, where it notched its best levels at $4.44, up 4.2% on the day.

 

Nat gas stocks (EOG, CHK, SGY, DVN, ECA, LINE, NGAS

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#2) On June 02, 2010 at 7:10 PM, huihui99 (< 20) wrote:

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