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This
afternoon a Federal Judge overturned President Obama’s offshore deepwater
drilling ban, calling it an “invalid agency decision” in his commentary on the
case.
The
moratorium on deepwater drilling in the gulf came immediately after the April
20th BP spill began, but on May 27, President Obama extended the ban for six
months.
The move
sparked immediate criticism from Louisiana Governor Bobby Jindal, along with
corporate leaders, and oil workers whose livelihoods depend on deepwater
offshore drilling.
According
to the Washington Post, the ban
affected 33 deepwater drilling sites – but there are still over 3,600 oil and
natural gas platforms in the Gulf.
It’s good
news for the Louisiana economy, which depends on oil
production for approximately 17% of its GDP – but its great news for
shareholders of companies that explore and produce oil in the Gulf.
Chief Investment
Strategist Ian Wyatt recently told his readers about a small company that
specializes in exploration and horizontal drilling off the coast of. While popular media outlets like Forbes
Magazine were telling investors that small companies would “will likely
move to sell out of the deepwater altogether,” Ian was telling his subscribers
to buy this company.
The tables
have turned and now this $1.1 billion company is poised to get back to making
huge profits from increasingly higher oil prices.
Today, Ian
is telling his readers about a group of small oil and gas companies in North Dakota – 1,300 miles away from the spill
in the Gulf. These companies are currently producing oil in gas in an area
known as the Bakken. The Wall Street
Journal calls the Bakken “A massive oil reserve.”