This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama Drill Ban May End, But Drilling Delays Won't: Poll

NEW YORK ( TheStreet) -- The post mortems on the BP (BP - Get Report) oil spill have begun, but there's still no clear answer about when life for the oil business in the Gulf of Mexico will return to healthy conditions.

On Monday, President Obama's point man in the Gulf of Mexico for the BP oil spill, Coast Guard Admiral Thad Allen, said during testimony in Washington D.C. that allowing the company responsible for an oil spill to be in charge of its cleanup creates a potential conflict of interest.

"We need to really think about what we mean by the concept of responsible party and how we want that to work in the future," Allen told the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. "Something we might want to consider is the creation of a qualified individual that would represent the industry, oversee the response, and have access to the resources."

Allen's arguments are logical enough, but how about potential conflicts of interest at the level of the federal government, when it comes to issuing reports on the success of the oil spill containment and cleanup, and the minimal economic impact from the federal moratorium on drilling in the Gulf of Mexico waters?

Recently, the White House issued two reports on the BP oil spill -- mind you, an environment crisis that at one point was sinking Obama's poll numbers almost as much as the state of the U.S. economy. The first White House report claimed that almost all of the oil from the BP oil spill had disappeared from the surface of the Gulf of Mexico. Independent scientists criticized the report, and said when you "do the math" it doesn't add up to all the oil that was spewed by the runaway BP Macondo well into the Gulf of Mexico.

The second White House report claimed that there had been minimal job losses as a result of the federal ban on deepwater drilling in the Gulf, in contrast to the dire predictions from the oil and gas industry at the time the drilling moratorium was enacted. This claim was countered, not surprisingly, by executives in the oil and gas industry who say that a simple tally of jobs lost so far as a result of the drilling ban does not accurately represent the long road back to normal drilling in the Gulf of Mexico, a process that could take years.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
APC $51.95 -1.54%
BP $33.62 0.12%
HAL $42.05 1.79%
NE $11.03 -1.78%
RIG $11.01 -0.63%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs