U.S. Issues New Regulations on Offshore Drilling

Source: The New York Times, John Broder (9/30/10)

"Fundamental change to guide all future leasing, development decisions."

The Interior Department issued new safety and spill-response regulations for offshore O&G drilling Thursday. The new rules—governing blowout preventers, safety certification, well design, emergency response and worker training—clarify the terms under which drilling will resume after the moratorium. The BP spill, resulting in the worst environmental disaster in American history, killed 11 workers and spewed nearly 5M barrels of oil into the Gulf.

Interior Secretary Ken Salazar presented the new rules Thursday, calling them a fundamental change in offshore operations that will guide all future leasing and development decisions in the gulf, the Arctic and elsewhere.

Salazar expects oil companies to complain: "We'll hear from industry that the regulations are too onerous, but the fact is, it's a new day. There is the pre-April 20th framework of regulation and the post-April 20th framework, and the oil and gas industry better get used to it, because that's the way it's going to be."

The secretary pointedly refused to say when or under what conditions he would lift the ban.

"We will lift it. . .when we're ready, and not based on political pressure from anyone."

The moratorium on deepwater drilling is scheduled to end Nov. 30, but officials have signaled it could be eased before then.

Michael Bromwich, director of the Bureau of Ocean Energy Management, Regulation and Enforcement, which now polices offshore drilling, will deliver a report to Salazar Thursday providing a blueprint to safely resume drilling. He said it may be weeks or months before his agency grants permits for the 33 idled deepwater rigs in the Gulf to resume drilling. Drillers must first provide spill-response plans detailing certification of critical equipment like blowout preventers.

The agency is also undertaking a new environmental assessment of the impact of Gulf drilling on the ecosystem, potentially causing further delays.

Announcing Streetwise Live! Events
Source: Streetwise Reports (07/13/2020)

Streetwise Reports is offering 100 investors—at no charge—the opportunity to meet via Zoom with executives of precious metals companies as they discuss recent developments at their companies and upcoming catalysts.

"China's export quota could be opportunity for Canadian miners"

Latin America: Six Gold Juniors Amass 100M+ Ounces
Source: Marc Davis, BNW News (05/25/2010)

Latin America, the world's last great mineral frontier for prolific gold discoveries, is proving a godsend for some lucky investors.

Mexico: Gold's Next Powerhouse Player
Source: Marc Davis, BNW News (11/03/2009)

As the world's key gold producing nations struggle mostly in vain to replenish dwindling below-ground supplies, Mexico is bucking the trend in a big way.

Where Have All the Gold Mines Gone?
Source: Brent Cook, Exploration Insights (04/14/2009)

Given the declining global gold production, mining companies’ demand for reserve replacement and the acute dearth of new gold discoveries, there is no doubt that real economic discoveries will be exceptionally valuable. . .the opportunity for stellar profits is the best it has probably ever been. Identifying the few successes, however, will require vigilant and constant technical assessment of geology and drill results, always with an eye to mine economics.

Congo Completes Mining Review, Says Majors Quit Talks
Source: Reuters (12/20/2008)

"Review process is extended an additional 45 days to allow six companies to return to the negotiating table for direct talks with government ministers."

I haven’t spoken to my old mining stock friend, noted and universally respected gold stock guru, Bob Bishop, about Rare Element in a year, but I hear he is still a supporter and very large shareholder. I don’t believe he will hold it against me to remind you that this was one of his favorite holdings when he left the newsletter writing business. . .

It's Only the Beginning for Uranium
Source: www.financialinsights.com (06/03/2005)

Dr. Richard S. Appel, author of Financial Insights, first became bullish on uranium in mid-2003, when it appeared obvious that its supply versus demand equation was fated to seriously drive higher its price. Since then, a series of events in the uranium industry has led Appel to believe that uranium prices will reach never before seen levels.

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