Drill baby drill.
President Trump just signed an executive order that might open up millions of coastal acres for oil and gas drilling.
The directive is called The America First Offshore Energy Strategy and its purpose is to review regulations and the permitting process for exploration on the outer continental shelf.
“This order will cement our nation’s position as a global energy leader and foster energy security for the benefit of American people without removing any of the stringent environmental safeguards that are currently in place,” said Interior Secretary Ryan Zinke.
This is a massive blow to the Obama era EPA hegemony. Perhaps the effects will not be seen in stocks today, but this is a net positive for any offshore driller, such as RIG, OII and RDC. May of them have already gone bankrupt. But this might rejuvenate the sector.
President Trump signs an executive order to roll back regulations on offshore drilling https://t.co/srZkon5vql
— CNN Politics (@CNNPolitics) April 28, 2017
The post Trump Signs Executive Order That May Expand Offshore Drilling appeared first on Trading with The Fly.
April 28, 2017 at 09:01PM
from Dr. Fly
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