Drilling Today Saves Tomorrow - Obama's Plan for Energy Independence

Yesterday, President Obama announced his proposal to life the moratorium on offshore drilling along the US east coast. Extending from the tip of Delaware to the surrounding waters of Florida, and the northern seas of Alaska; regions of untapped natural resources which contains an estimated 17 trillion cubic feet of gas will be explored.

The economic growth will be one major result of increased exploration and production. It brings this country further towards Obama's goal of increasing exports as stated in his State of the Union address. The government will make money through the sale of leased areas for drilling and allowing private companies to enter the market for drilling.

Environmentalists are against offshore drilling. Even Vice President Biden described this as raping the outer continental shelf. However, these concerns, no matter how vulgar the statement (say it ain't so Joe), ensures fairness. The eastern edge of the nation is a first step. There's still more precious areas that contain large amounts of untapped clean natural gas. Areas along the western edge along the Pacific coast of California still await approval for oil drilling. And of course, ANWR, the deserted region in northern Alaska that sits on an estimated 17 billion barrels of oil and 34 trillion cubic feet of natural gas.

Alaska was given the short end in this proposal for somewhat fair reasons. I will like to see ANWR included in the nation's drilling activities; the state faces outdated refineries and will add to their major energy economy. Bristol Bay is locked for drilling because the region is a prime source for commercial fishing. However, the northern seas were a great win for the state; but still natural gas would have been an added spark to the drilling activities.

Some express their concerns that Obama is trying to gain bipartisan support for his Cap and Trade bill. The motives remain unclear, but the proposal is a positive step towards energy independence.

As for investing -- keep a close watch on natural gas and drilling stocks. United States Natural Gas Fund (UNG)and Parker Drilling (PKD) are on my list.

*Photo is from NY Times.