While barely a month ago that it looked as if there would be in uptick in the OCTG market with the potential of increased offshore drilling opportunities, the recent explosion on, and sinking of, an oil rig off the US Gulf coast has President Obama reconsidering his position on the issue.
President Obama Friday mandated that new offshore drilling projects not be issued unless rigs are able to show proof of certain safeguards, to prevent leaks, explosions, and other major environmental disasters. He further ordered Interior Secretary Ken Salazar to report on new safeguard technologies which would prevent oil spills, and to learn what needs to be done in order to ensure the minimization of risk to the environment in offshore drilling environments.