Pentagon criticizes Obama’s plan to open Atlantic coast to drilling


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The Obama administration is reworking its plan to open the southern Atlantic coast to offshore oil exploration because of strong opposition from the Pentagon, which says the activity could hurt military maneuvers and interfere with missile tests the Navy relies on to protect the coast.

Early this week, Interior Department officials from the Bureau of Ocean Energy Management expect to release an update of its draft proposal to lease federal waters to oil and gas companies off the coasts of Virginia, North Carolina, South Carolina and Georgia. That update will reflect the military’s concerns, officials say.

The Pentagon confirmed Sunday that it provided an assessment of Interior’s map for oil exploration on the coastal outer shelf “that identifies locations . . . areas where the [Defense’s] offshore readiness activities are not compatible, partially compatible or minimally impacted by oil and gas activities,” according to spokesman Matthew Allen.

 

SOMETHING STRANGE IS TAKING PLACE IN THE MIDDLE OF THE ATLANTIC OCEAN


In the latest sign that the world is simply running out of capacity when it comes to coping with an inexorable supply of commodities, three diesel tankers en route from the Gulf to Europe did something rather odd on Wednesday: they stopped, turned around in the middle of the ocean, and headed back the way they came! 

“At least three 37,000 tonne tankers – Vendome Street, Atlantic Star and Atlantic Titan – have made U-turns in the Atlantic ocean in recent days and are now heading back west,” Reuters reported, citing its own tracking data.

The Vendome Street actually made it to within 800 miles of Portgual (so around 75% of the way there) before abruptly turning around. “Ship brokers said a turnaround so late in the journey would come at a cost to the charterer,” Reuters notes.

The problem: low prices, no storage capacity, and soft demand.

Something Strange Is Taking Place In The Middle Of The Atlantic Ocean