While the banking community chews its nails, and worries about golfing fees, there are some corporations licking their chops. And sharpening those drill bits. The American offshore oil drilling moratorium expires at the end of this month. There'll be no attempt to revive any part of it. Congress is too focused on the Big Bailout, and then getting re-elected.
So here's what the Oil Corps have wanted, an offshore drilling party. Expect the current administration in D.C. to push ahead with as many drilling leases as they can. Oil lovers have long preached that we Yanks can be energy independent if we just drill more and learn to love coal. So long about 2025 some of these wells should come good and lower the price of gasoline, if anybody's still burning gasoline by then
As I bloogged recently there will be some states who will fight the expansion of offshore drilling. And that's good news for many large law firms as well.