Congress has finally passed a bill that will allow oil companies to drill for the 1.26 billion barrels of oil that sit below the Gulf of Mexico south of the Florida panhandle.
Although drilling will not begin for at least a couple of years, the new law will open up a part of the Gulf that has been closed for 25 years.
If there is more trouble in the Middle East or in other unstable regions, it will be nice to have a supply to help offset interruptions in supply. Oil may be down from $72 to $62 over the last few months, but it may not stay there.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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