Drilling

Good for the Obama administration. They have taken a sensible approach to developing our domestic crude resources. The announcement will be made by President Obama and Secretary Salazar. Vast offshore areas will be opened for development. The areas included are the Atlantic coast, new areas of the Gulf and the northern Alaskan Chukchi and Beaufort Seas.

It will be many years before these areas are in production, but this is a step in the right direction to reducing our oil imports.

$25 Oil

Analysts predict that oil may drop to $25 in 2009 with gasoline below $1. Of course, back in July analysts were predicting that oil would be near $200 and gasoline at around $6 by this time. So, I'm not going to make a lot of plans based on this prediction.