Tuesday, May 31, 2011

President Obama Approves of Natural Gas Fracking (CVX; XOM; UNG)

in Poland.
From Bloomberg, May 28:
Obama Says U.S., Poland Will Cooperate on Economy, Energy
...Obama said he had an “extensive” discussion with Polish leaders about Poland’s shale gas reserves and that the U.S. would share its technology on energy extraction.

“We are also aiming to expand our bilateral economic relationship with Poland,” Obama said. “Poland’s economy was the only economy in the EU not to fall into recession during the economic crisis and has enormous potential for economic growth.”

Obama returns home today after a six-day European trip and will hit the road again tomorrow to visit the town of Joplin, Missouri, where tornadoes killed at least 116 people last week. He’ll also be occupied by negotiations, led by Vice President Joe Biden, with congressional Republicans to trim cumulative budget deficits and raise the nation’s $14.3 trillion debt limit before an Aug. 2 deadline.

Energy Development

Obama and Tusk pledged cooperation on energy development, including tapping Poland’s shale gas reserves and expanding nuclear power.

“This is a moment of breakthrough,” Tusk said at the news conference with Obama. “We’re talking about cooperation and investments between two partners of whom one is a leader regarding technology, and the other has turned out to be a leader in terms of resources.”...MORE