Today in Hydrocarbon News

A random picture that kind of looks like an oil drilling thing.

A random picture that kind of looks like an oil drilling thing.

Via the Los Angeles Times, "BP engineers have begun to slowly close the last open valve on the cap installed above the company's leaking Gulf of Mexico well."

This is the first time in three months that oil has stopped flowing. It's obviously good news for New Orleans, but Gary Chouest is still not out of the woods. The oil drilling ban is still in place; another bill is moving through the House that promises to place more stringent environmental restrictions on oil drilling once the ban is lifted. The impact of these restrictions on Edison Chouest is difficult to determine since overall drilling will most likely decrease due to an increase in drilling costs. However, the bill may require more specialized technology, which could provide Chouest- an industry leader- with an advantage. 

Another bill moving through the Florida House would remove the ban in off-shore drilling in Florida. Edison Chouest recently bought a large shipyard in Tampa, so this would be another promising development. If the ban is lifted, then Chouest could resume being rich, and the Hornets can at last achieve their dream of signing Luther Head.

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