Interior Department To auction Off 38 Million Acres.........
After the BP disaster in the Gulf of Mexico, the White House put a moratorium on drilling in the area until it could address the problem more fully. Since that time, growth has slowly accelerated and has now surpassed those early 2010 levels. This area could certainly take the lead from the other members of the "Golden Triangle" triumvirate -- Brazil and West Africa.
Is this the next catalyst?
With recent news that the Department of the Interior will auction off some 38 million acres of federal waters, even higher expectations could be reached than what had already been envisioned. Major oil companies including Chevron (NYSE: CVX ) , ExxonMobil, and Royal Dutch Shell are planning to spend big money here.