I'm Mister White Christmas, I'm Mister Snow, I'm Mister Icicle, I'm Mister Ten Below, I'm Mister Green Christmas, I'm Mister Sun, I'm Mister Heat Blister, I'm Mister 101. The battle between Mr. Heat Miser and the Mr. Snow Miser is heating up natural gas. You have hot temperatures in Texas and down South, and cold temperatures in the Midwest and the North East, a double demand whammy for the natural gas demand. Add to that a strong stock market and I'm too much.
The anniversary of the Deep Water Horizon disaster is a sad day because of the loss of life and the knowledge that this accident should have been avoided. Every American has been hurt by this disaster. The Wall Street Journal reported that oil and natural-gas output from the U.S. Gulf of Mexico has plunged in the wake of last year's oil spill and has stymied development of the nation's most prolific source of hydrocarbons.
The Journal says, "When the Obama administration imposed a blanket moratorium on offshore drilling, much attention was paid to its impact on the local economy and individual companies. At the time, oil prices were around $85 a barrel and gasoline in the U.S. cost an average of $2.858 a gallon. Crude-oil and natural-gas production is expected to decline this year, according to estimates from the Department of Energy and private analysts. Offshore oil output, most of which comes from the Gulf, will average 1.55 million barrels a day this year, a 13% drop from 2010 estimates, according to U.S. Energy Information Administration figures. In 2011, the 10-month suspension in drilling activities and a slower permitting process will have resulted in the loss or, at least, the delay, of 375,000 barrels of oil a day, said energy consultancy Wood Mackenzie. That is roughly equivalent to one-third of the Libyan production that remains shut down because of political turmoil."
The White House as reported by AFP reports that, "U .S. President Barack Obama on Wednesday vowed to do ‘whatever is necessary’ to restore the Gulf Coast, on the anniversary of last year's massive BP PLC (BP) oil spill. ‘The events that unfolded on April 20, 2010 and the oil spill that followed underscores the critical link between the environment and economic health of the Gulf,’ he said in a statement. ‘My administration is committed to doing whatever is necessary to protect and restore the Gulf Coast.’ One year ago an explosion on the BP-leased Deepwater Horizon oil rig killed eleven workers and destroyed the platform, eventually causing nearly five million barrels of oil to gush into the Gulf of Mexico."