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One of the most controversial proposals for dropping the price of oil is to allow drilling in protected parklands and in restricted off-shore areas. Since there are deposits of crude and gas in these areas, it is also one of the more sure-fire ways of adding to production.
It now appears that the waters off Florida are among the most promising. According to the AP, "The early activity here stems from a 2006 Congressional compromise that allows drilling on 8.3 million acres more than 125 miles off the Panhandle."
The promise of the Florida coast is both good news and bad, depending which side of the debate one is on. A find of any real significance is likely to be proof of the fact that opening protected lands will yield results.
For the "green" crown, it could mean the the government will be encouraged to drill of near protected beaches. There may even be wells in Yellowstone.
Douglas A. McIntyre is an editor at 247wallst.com.
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