Gulf of Mexico & other areas will have 6 month stoppage for drilling permits.

Escalating his administration's response to the disastrous Gulf oil spill, President Barack Obama plans to announce Thursday that a moratorium on new deepwater oil drilling permits will be continued for six months while a presidential commission investigates, a White House aide said.

http://news.yahoo.com/s/ap/20100527/ap_on_bi_ge/us_gulf_oil_spill_w...

Tags: http://news.yahoo.com/s/ap/20100527/ap_on_bi_ge/us_gulf_oil_spil

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Permalink Reply by adubu on May 29, 2010 at 10:28
The reservoir of oil that BP drilled into must be HUGH. The only why to stop the well leak is by drilling the relief well presently BP's drilling to premanetly cemment it plugged. However BP is smart they are drilling 2nd "Relief well" as back up! But truely the 2nd well is I bet being drill to produce the big reservoir otherwise they could not have received permit to drill at this time. With 1st relief well successful no reason to waste 2nd well they will complete it and put in on line.
Permalink Reply by P.G. on May 31, 2010 at 4:25
BP is going to need the sales from that oil to pay for the clean up.
Permalink Reply by The_Baron on June 1, 2010 at 3:17
BP had a pre-tax profit of 26 billion last year. The shareholders will be unhappy this year, but they can foot the bill.
Permalink Reply by adubu on June 1, 2010 at 3:24
BP stock should be strong buy for 30-40% gain if not more plus dividend over next 12 months. Book value is $35
Permalink Reply by The_Baron on June 1, 2010 at 3:59
I agree. Especially for a long term hold. Worse case is someone tries to buy out BP while their stock is in the toilet and makes the price jump. They had a profit of 65 million a DAY for the first quarter of this year.
Permalink Reply by adubu on June 1, 2010 at 4:04
Doubt any take over they are too big. The best buy may be RIG rather than BP
Permalink Reply by Parkdota on February 28, 2011 at 15:02

Fed approves deep water Gulf drilling permit

 

Long time coming I suppose.

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