Offshore drilling technology has opened the door to drill for oil in places we never thought possible, and in some cases in places where we had not found oil previously. This, and the desire for the U.S. to become more energy independent, has put drilling for oil off the Atlantic Coast on the table again. The American Petroleum Institute has been gathering a coalition of members of Congress to push for offshore leases in Virginia, North Carolina, and South Carolina.
The U.S. had plans to open up offshore fields off the Virginia coast as recently as 2010, but those were put on hold after the Macondo spill incident. In this video, Fool.com contributors Tyler Crowe and Aimee Duffy look at some of the companies that could take advantage of this new market, as well as some of the other offshore energy projects happening on the East Coast.
Fool contributors Aimee Duffy and Tyler Crowe have no position in any stocks mentioned. The Motley Fool recommends Seadrill and owns shares of Seadrill and Transocean. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.