NEW YORK, NY--(Marketwire -03/05/12)- Oil prices have risen roughly eleven percent this year as global demand is high and supplies have been disrupted in south Sudan, Syria and elsewhere. The strong upswing in oil prices is lifting oil industry stocks. While big oil stocks are only up marginally in 2012, shares of many small and mid-sized oil companies are beating the 9 percent return for the S&P 500. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Oasis Petroleum Inc. (NYSE: OAS - News) and Northern Oil & Gas, Inc. (AMEX: NOG - News). Access to the full company reports can be found at:
Last week President Obama called on congress to end $4 billion in subsidies for oil and gas companies, calling it a "giveaway" that should be redirected to bolster alternative energy sources, including wind, solar and batter power. Obama also vowed to tackle the country's long-term energy issues while condemning "phony election-year promises about lower gas prices." While Republicans contest that President Obama is somehow responsible for higher gas prices, Obama argues that "anyone who tells you we can drill our way out of this problem doesn't know what they're talking about, or isn't telling you the truth."
Reuters reports that a number of leading Democrats in Congress have pushed the Obama administration to tap reserve oil supplies, known as the Strategic Petroleum Reserve (SPR), to help bring down gas prices, a move that Republican lawmakers oppose. House of Representatives Speaker John Boehner, the top Republican in Congress, told reporters it did not appear to him "that the president believes using SPR would have any meaningful effect on gas prices."
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Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the Williston Basin Bakken play in the United States. The company posted fourth-quarter earnings of 21 cents per share, up 61.5% from a year ago, but shy of analyst views for 25 cents. Oil and gas sales revenue climbed 374.5% to $53.24 million.
Oasis Petroleum Inc., through its subsidiary, Oasis Petroleum LLC, engages in the acquisition and development of oil and natural gas resources primarily in the Williston Basin. Oasis Petroleum swung to a fourth-quarter loss as the effect of derivatives contracts masked the benefit of surging production.
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- President Obama