What makes the huge oil spill in the gulf such a big deal — beyond just the environmental devastation, which could be epic — is that it comes just weeks after Obama gave the greenlight to offshore drilling in America.
It was always going to be a while before offshore drilling tests became a reality, but this just put the kibosh on those plans big time.
Think that’s far-fetched?
It’s not. Homeland Security Secretary Janet Napolitano was asked about offshore drilling and her response was “Everything is on the table,” according to CBSNews reporter Mark Knoller.
We’re guessing this is why, as Josh Brown observes, the oil services stocks (OSX) are totally flaming out today — along with the likes of BP (BP) — violently bucking the big rally.
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