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Though still sketchy on details, it appears Obama is opening up to increasing domestic oil drilling:
Since I'm not an Obama fan, I tend to see his broken promises as positive things (though I will still chastize him for making the bad promises in the first place!) and this is an example of that. It won't immediately cause oil to flow, but it will over the next few years provide more domestic oil production, which will help ease the high oil prices. In the short term, though, perhaps it will help ease the current speculative oil price bubble we're in, where oil prices are rising despite no current lack of supply.
http://www.cnn.com/2011/POLITICS/05/14/obama.weekly.address/index.html?eref=rss_latestWith gas topping $4 a gallon, President Barack Obama on Saturday will announce new plans to speed up domestic drilling for oil.
In his weekly address to the nation, the president will outline his plans for what he calls "safe and responsible" oil production.
The Obama administration will speed up the leasing process for the Alaska National Petroleum Reserve, give oil companies better financial incentives to use their leases and extend all drilling leases in the Gulf of Mexico so oil companies have more time to implement safety measures after the devastating BP oil spill.
He will also fast-forward the testing of areas off the east coast of the United States to see what oil resources are there and if it would be safe and commercially viable to drill.
The announcements come as the Republican-controlled House of Representatives recently passed several bills to open up drilling off the coasts of the United States.
Since I'm not an Obama fan, I tend to see his broken promises as positive things (though I will still chastize him for making the bad promises in the first place!) and this is an example of that. It won't immediately cause oil to flow, but it will over the next few years provide more domestic oil production, which will help ease the high oil prices. In the short term, though, perhaps it will help ease the current speculative oil price bubble we're in, where oil prices are rising despite no current lack of supply.