EIN News says, "For Oil Companies, Upheaval in Arab World, Japan Means a Gusher With allied warplanes bombing Libya, Saudi troops in Bahrain, and fleets of Japanese nuclear reactors idled by earthquakes and a tsunami, the price of a barrel of West Texas Intermediate-grade crude oil has soared in the past three months - up $16 to a towering $106.79 a barrel. (washingtonpost.com)".
Good news for West Texas! Texas has fortunately some belowground reserves, which at this oil price can afford to be tapped. It would also be nice if Texas could tap deepwater reserves in the Gulf, but this is prohibited by our Federal Government. Rather, the Obama Administration is encouraging Brazil to tap reserves in the Atlantic and Cuba to tap reserves in the Gulf off Florida.
California and Florida have shot themselves in the foot by not harvesting oil off their coasts. Federal government limitations should not have been an excuse. They had the right to seriously object to any restrictions.
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