To my mind, that pretty much sums up the U.S. energy policy to date. We have a "plan", and the "punch" is coming. The GOM was, perhaps, a "stiff jab", but it was no power-hand cross to the chin - at least not yet.
I await, with great anticipation, the President's communique from the Oval Office tonight.
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The GOM represents 30% of the U.S. domestic production of Crude Oil, and 13% to 15% for Nat Gas. My bet is that the drilling ban will not be around for long (and of course, I could be wrong). My sense is that as imports continue to decline, the 500k bpd that will end up missing from domestic production in 2013 on would be just too painful to withstand politically - UNLESS the POTUS does an incredible job of communicating and selling the truth of our circumstances to the American people and having the American people accept responsibility. That, too, will require the cooperation of the various special interest groups that are hell bent on CONTROLLING people and compromising liberty... in short, I think we are F&(&^^ed.
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Our lives have become one great, big child's symbol book. EVERYTHING is symbolism. Everything is STYLE, not a shred of substance. One cannot protest BP on FaceBook. One cannot even protest BP by buying another company's gasoline. Oil is a fungible market. Spit in the Ocean in California, and the sea levels rises in the Arctic. Same with Oil.
Wanna protest? Wanna Boycott? Park your car and walk. Not willing to do that? Shut up. Best to be quiet when you are nothing more than "Just Another F*%&ing Observer".
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The decline in the Euro has serious implications for U.S. companies doing biz in the Euro zone - none of them good. Beware Tech - the earning will not be there are this exchange rate. Beware Financials, too. Housing is still sick, and commercial property is starting to cough up blood.