White House To Lift Ban On Deep Water Drilling, And The Drilling Stocks Are Surging

The White House is about to lift the ban on deepwater drilling, NYT reports:

“The process is coming to its natural end,” Robert Gibbs, the White House press secretary, told reporters on Tuesday morning. “I believe the process will wrap up very soon.” The Interior Department later sent reporters an e-mail announcing that it would hold a telephone news conference at 1 p.m. to discuss the resumption of deep-water drilling.

Unlimited drilling in the Gulf could begin in a few weeks. The moratorium was due to expire naturally on Nov. 30.

Drilling stocks like Transocean are surging on the news.


This is great news for the Gulf economy.

See how it effects the global oil market >

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