President Bush is calling for Congress to get on board with energy exploration, but related exchange traded funds (ETFs) are still smarting from an explosion this week at Apache (APA).
Record oil and gas prices have been sending everyone scurrying to find some kind of solution, and Bush thinks it’s in stepping up our own offshore drilling efforts, saying that it could produce up to 18 billion barrels of oil.
Don’t expect immediate relief if it starts, though, because production could be years off, reports H. Josef Hebert for the Associated Press. There are also two prohibitions on offshore drilling: one by Congress and one by executive order. Bush won’t lift the order, and he wants Congress to make the first move.
But if and when drilling is resumed, will the oil companies be in a position to accommodate the demand? Last month, we mentioned a shortage of skilled workers and equipment that was limiting how much production could actually take place.