Just three short years ago many feared that we’d never drill another deepwater oil well into the Gulf of Mexico. At that time BP’s (NYSE: BP ) Macondo well was still spewing oil into the Gulf with no end in sight. The disaster, which left 11 dead, has cost BP more than $30 billion in fines, settlements and cleanup costs.
It left many wondering if the Gulf Coast would ever recover. Not only that, but the drilling moratorium had many questioning if the industry would ever come back as over these past three years oil production coming out of the Gulf has been in a steady state of decline. However, that trend not only appears to be reversing but it looks like the Gulf’s best days still lie ahead.