Off Shore Drilling Ban Impacts To Be Discussed On CNN News Radio Show

May 30, 2010 - PRLog -- President Obama’s recent ban on off shore oil well drilling in the Gulf of Mexico and negative economic, United States energy independence and National security impacts of this political move will be discussed and the CNN News Radio Show on Tuesday, June 1, 2010 from 8:00 to 9:00 a.m. Eastern time.

Listen Live In Houston on CNN 650 AM or on The Internet @  http://www.CNN650morningshow.com

Listeners may call in live with questions or comments at (713) 965 - 0650.

Complete details of the offshore drilling ban impacts discussion can be seen at http://EmergeNews.com/offshore-drilling-ban.pdf

Brent Clanton and Winning Strategies Investing News Network Senior Editor Tim Connolly (see http://www.winningstrategies.net/about-us.php) will co-host the CNN Radio show.

Tim and Brent will discuss the impact of President Obama’s suspension of deep water drilling in the Gulf of Mexico for 6 months, and its effect on oil companies such as British Petroleum (BP), Transocean (RIG), Exxon Mobil (XOM), Anadarko Petroleum (APC), Apache (APA), Noble Energy (NBL), and Occidental Petroleum (OXY) among others.

Recent news on the ban include the Wall Street Journal article, Drill Ban Crimps Suppliers of Energy by Isabel Ordonez and Jason Womack (See Article), which noted that:

“Oil and gas companies Friday began shutting down 33 oil-exploration rigs operating in deep water in the Gulf of Mexico in response to government demands while bristling at the prospect of the six-month drilling ban in the wake of the BP PLC well explosion.
The ban won't hurt domestic oil and gas production in the short-term, analysts said, but it provoked an outcry among energy companies and suppliers that operated in the region and raised the spectre of long-term production declines.

Offshore production in the Gulf of Mexico accounts for about one quarter of U.S. oil and gas production.”

and the Houston Chronicle article, Energy Industry Somber About New Offshore Limits,
by Sharon Hong (See Article) which noted that:

“Lee Hunt, president of the International Association of Drilling Contractors predicted:
‘No one will sit idle for long.’

Drillers, he said, can do work at very high day rates from producers in other parts of the world, from Brazil to West Africa.

Once rigs have left, Hunt said, it can take years to bring them back and the economic effect on the Gulf Coast is potentially staggering.

If the suspension lasts very long, he said, some 5,000 to 8,000 direct rig jobs and up to 32,000 support jobs in Gulf states could be at risk.

‘Our reaction is this is wholly unnecessary,’ Hunt said.”

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Tim Connolly’s “Winning Strategies Business Talk Show” covers breaking news in the financial and investment markets, charts trends, offers insight and opinion. His mission is to provide you with Low-Risk, High-Reward Strategies for Success.