With oil pushing $140 a barrel, we’re faced with the summertime dilemma that is escalating each year – “what do we do about it?”

Unlike last year, the current buzz is not surrounding ethanol and cars that run on vegetable oil.  But last week, John McCain turned the spotlight back on the billions of “secret” oil that lie beneath the sea.  Bush, in turn, supported the campaign to lift bans on drilling in this area that have been in place since 1981.

Thousands of feet below the ocean's floor, one of the largest oil reserves in the world has been discovered, and its contents hold the potential to push the current global oil crisis 50 years into the future.  It’s estimated that more than 1.3 trillion barrels of oil lie underwater, worldwide.

While many democrats, including Obama, continue to oppose offshore drilling, the idea is starting to resonate with much of the American public.  In fact, a recent Rasmussen survey conducted in Florida showed that 61% favored McCain’s views of policy reversal.

Many believe that the ramifications of tapping into such a vast reserve of deep-sea oil are immeasurable. The price of oil could drop back down to levels unseen in years. Gas and home energy costs would then plummet as well, reinvigorating an economy stretched thin thanks to consumers pinching pennies in order to fill their tanks.

These effects, long thought to be only possible once alternative energies break through to the mainstream in 10 years or so, could become a reality as soon as the next 12 months.

Regardless of November’s election outcome, this is one debate that will continue to rage - especially with gas over $4, a rocky market and a floundering economy.

Cheers,

Erin Beale
Group Publisher

P.S.  Global oil crisis - postponed - 50 years... all thanks to this company's revolutionary technology

Andrew Mickey tells me that a largely unknown U.K. company is providing big name oil drillers with the new technology essential to extracting it from deep beneath the sea at a cost equal to or less than pumping oil from Middle Eastern wells.

Andrew’s BreakAway Investor readers are already up more than 50% on this play… and he’s expecting another 100% or more as the world scrambles for “secret oil”.

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