According to the Recorder's office, Chesapeake's primary term (5 years) recently expired on about 500 acres in the NE corner of Trumbull and they "extended the option to renew" the lease for an additional 5 years.
Embargoes, tariffs, and treaties tend to be reactionary and simultaneously cause equal and opposite reactions from those to whom they are placed. Smoot-Hawley comes to mind. That was essentially the catalyst for the Great Depression. OPEC has far too much power. But then again it isn't up to the US--or anyone else--to tell OPEC how to use their own natural resources. After all, Saudi Arabia may be a bunch of thugs and lunatics, but they are their own sovereign nation and any interference would just lead to more instability. Our best chance is the one that we've always used to get through tough times: innovation by American entrepreneurs.
There is definitely more to the local oil and gas story, and skepticism is the only defense. As for cynicism, read this article about Houston-based Halliburton(NYSE: HAL) and Houston-based Schlumberger Ltd. (NYSE: SLB).
Yea. Go American Energy Independence. Let's help Iran to compete directly with our development, and to get the money to, ----- to what? We wouldn't help Iran to get the money to buy arms and shoot at our soldiers? We couldn't possibly do that to the brave people who protect us around the world each and every day. We wouldn't help Iran to get the money to further develop Nukes, they gave us their word they wouldn't, that should be good enough. Go lend a hand Texas based HAL&SLB. You know that money won't do America any harm.
You've got to look for the good in things to make it all worthwhile, but to not balance that with a skeptical eye is dangerous. I'm with you Joseph.