Profit on Offshore Drillers

From thestreet.com 6/30/08

Editor's note: This is part III in a series on oil. Let me just say that this has been an interesting two weeks with this column.
First, I wrote about the emerging problem with the oil supply and potential fixes. I suggested that after talking to big ocean driller Transocean (RIG - Cramer's Take - Stockpickr) that we should begin the process to push Congress to lift the moratoria on Outer Continental Shelf (OCS) drilling.
After doing some painstaking due diligence, I found out that we may achieve oil independence in as little as a year, and as long as six years, depending on the location, depth and prior infrastructure.
Next, I took the position a step further. I contacted other drillers including another major offshore driller, Diamond Offshore (DO - Cramer's Take - Stockpickr). Officers there confirmed the information I had developed during my discussions with Transocean. I have gone on record saying that I believe that these time frames are realistic and attainable.
Since those two columns ran, I have been bombarded with email requesting more information.
Last week, I had the good fortune to interview both Sarah Palin, the Republican governor of Alaska and Ed Rendell, the Democratic governor of Pennsylvania. Both are very important in the world of oil.
Palin came out very much in favor of drilling the OCS and her state's own Arctic National Wildlife Refuge (ANWR) territory in an effort to reduce our dependence on foreign oil. She agreed that the oil reserves of ANWR are in the 10 billion-barrel range. She recognizes the need for that oil if we are ever going to reduce our reliance on foreign producers.....

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