US regulators have issued the first deepwater drilling permit since BP’s accident last April. But does it mean the end of the slowdown to drilling in the Gulf of Mexico? The oil industry still thinks not.
Oil companies note that the permit which was issued was for a project by Noble Energy that was active before the accident and, therefore, did not need to meet the full suite of new regulatory requirements.
In this week’s readers’ Q&A session, Terry Duffy and Craig Donohue, chairman and chief executive of the CME Group, answer your questions. The CME is one of the largest commodities exchanges in the world, and is home to the WTI crude benchmark, making them perfectly placed to answer any questions on oil price volatility.
Below, they answer questions on the spread between WTI and Brent crude, the future direction of the oil price and whether the group willbe involved in trading European carbon emissions.
The Q&A sessions are taking a break for three weeks, but will be back in March with Francesco Starace, chief executive of Enel Green Power, in the hotseat. We will publish more details closer to the time.
But for now, over to Terry and Craig:
1) Are any changes to the terms of the WTI contract being considered, to make it less dependent on factors that are strictly local to Cushing?