Expansion of Offshore Drilling in the USA?

Bush expected to order reversal of offshore drilling ban

12:42p ET July 14, 2008 (MarketWatch)

SAN FRANCISCO (MarketWatch) -- Pres. Bush is expected to announce Monday an executive order lifting a ban on drilling in offshore U.S. waters, but the order is unlikely to play little more than a symbolic role in government efforts to reverse record-high oil and gasoline prices. "The President plans to rescind the executive order withdrawing offshore acreage from energy production," wrote analysts led by Kevin Book at Friedman Billings Ramsey Monday. "While this will put pressure on national lawmakers and local governments, it is not by itself sufficient to conquer a complex web of competing incentives," they said. The White House plans to make a statement on "outer continental shelf exploration" at 1:30 p.m. ET. A spokesperson could not be immediately reached for comment.

NOV and RIG would be the play on very bullish news from the White House.

I expect that orders won't increase immediately, but this can open up potential for increase in future rig rates substantially.