Obama Proposes Expanding Offshore Oil Drilling
President Obama announced plans Wednesday to allow expanded oil and natural-gas drilling off the U.S. East Coast and in the Gulf of Mexico.
At a military base near Washington, the president proposed allowing oil exploration about 50 miles off the coast of Virginia and in the Gulf of Mexico about 125 miles off the coast of Florida.
He also touted his administration’s policies to improve fuel mileage and to double the number of hybrid vehicles used in federal fleets.
The new policies are designed to reduce the nation’s dependence on foreign oil and create jobs while taking environmental risks into account, Bloomberg reported.
The president also proposed expand energy exploration in Alaska; a federal ban on drilling off the East and West Coasts and in parts of Alaska expired in 2008, Bloomberg reported.
Newly elected Virginia Gov. Bob McDonnell (R) supports offshore drilling off his state’s coast, signing legislation this month on how to distribute royalty revenue from energy production. Bloomberg reported.
American Trucking Associations has supported more energy exploration as part of a comprehensive energy plan.
Crude oil prices jumped from about $20 a barrel in 2001 on the New York Mercantile Exchange to a record over $145 in July 2008. Oil has been trading at just over $80 a barrel for most of this month.
