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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Wednesday 18th June 2008
As President George Bush nears the end of his term in office it seems as though he wants to be remembered for one last crusade. He has formally asked Congress to reconsider the age old ban on offshore drilling in the US, a law which has protected a vast array of the natural beauty surrounding the country, especially North America. So will he be successful and what impact would it have on the oil price?
As the oil prices creeps higher and higher it seems that President Bush has picked on of the more opportune moments of the last 50 years to reverse the ban. Congress is acutely aware that many US citizens and those around the world are suffering from the knock on affects of higher oil prices. Since the initial ban was introduced there have been some major jumps in the extraction technology of the oil industry.
It seems as though the technology is now there which will ensure that areas of outstanding natural beauty such as the Arctic will not be unduly affected by the march of the oil companies into the area. There is also the small matter of increased taxes which the US authorities would receive from the oil companies, and a worldwide reduction in the price of oil. |
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