Once again we have arrived at a familiar place of rising oil prices and once again we can see the momentum building behind the line of oil companies as the discomfort for high gas prices sets in. Only days ago the House of Representatives passed a bill to expand offshore drilling and expedite new permits with proposed legislation right behind it to open access to new reserves in ANWR and the Outer Continental Shelf. These familiar conversations also have familiar anticipated repercussions that all point to new drilling wells having no affect on short term pricing and the expanding of drilling outside of current federal areas having miniscule long term affect on price and supply. Continue Reading…
