Everyone is all exited about the proposed drilling off the East coast, but let's look at a couple of FACTS:
1. It's the Obama administration making the announcement. That right there gives me pause.
2. The statements from the administration read:
The Obama administration will approve significant oil and gas exploration off America’s coasts, including a possible sale two years from now of leases off Virginia’s coast, administration officials said Wednesday.
The new strategy, an administration official said, calls for also developing oil and gas exploration in the Eastern Gulf of Mexico, more than 125 miles from Florida’s coast; and in large areas in the Chukchi and Beaufort Seas in the Arctic Ocean, north of Alaska, after the government conducts detailed studies. …
3. Since the announcement, why haven't the oil drilling stocks gone through the roof?