Thursday, August 19, 2010

Canada Says "Yes" to Offshore Drilling for Chevron (NYSE:CVX), Others

A Canadian Senate committee wisely said there is no reason not to allow oil companies like Chevron (NYSE:CVX) to continue to drill for crude and gas off the coasts of Canada, contrary to the misguided oil moratorium implemented by the Obama administration.

According to a report from the Senate committee on energy, the environment and natural resources, after listening to 26 witnesses, "No evidence was adduced to justify any such ban or suspension and the committee is recommending that the said Chevron operation continue as planned, under close scrutiny and supervision by the regulators."

There had been a few calls to impose an Obama-like moratorium in Canadian waters, but ignoring the hysteria generated from the mainstream press, the committee, as they said, found no reason not to continue with deep offshore drilling.

Committee chair David Angus said the senators felt the safety precautions now in place should be more than enough to prevent a similar accident like the one in the Gulf of Mexico by BP (NYSE:BP) from happening in Canadian waters.

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