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 Whiting Petroleum Corporation (NYSE: WLL - News) and Royale Energy Inc. (NASDAQ: ROYL - 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 battery 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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Whiting Petroleum Corporation engages in the acquisition, development, exploitation, exploration, and production of oil and gas primarily in the Permian Basin, Rocky Mountains, Mid-Continent, Gulf Coast, and Michigan regions of the United States. Last month the company announced that its Board of Directors declared a dividend of $1.5625 per share on its 6.25% convertible perpetual preferred stock. The dividend is payable on March 15, 2012 to holders of record on March 1, 2012.
Royale Energy, Inc. operates as an independent oil and natural gas producer in the United States. It engages in the production and sale of oil and natural gas; acquisition of oil and gas lease interests and proved reserves; drilling of exploratory and development wells; and sale of working interests in wells to be drilled. Shares of the company surged last week after it reported that it completed the pipeline to its Bristol well in the Sacramento Basin. The well has been put into production and will be opened up to over 1,000,000 cubic ft. per day.
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- President Obama