President Obama Announces New Plans to Increase Responsible Domestic Oil Production
WASHINGTON – In this week’s address, President Obama laid out his strategy to continue to expand responsible and safe domestic oil production, leveraging existing authorities as part of his long-term plan to reduce our reliance on foreign oil. He is directing the Department of the Interior to conduct annual lease sales in Alaska’s National Petroleum Reserve – while respecting sensitive areas, to speed up the evaluation of oil and gas resources in the mid and south Atlantic, and to create new incentives for industry to develop their unused leases both on and offshore. Also, to give companies more time to meet higher safety standard for exploration and drilling, the administration is extending drilling leases in areas of the Gulf of Mexico that were impacted by the temporary moratorium, as well as certain leases off the coast of Alaska. And, he is establishing a new interagency working group to ensure that Arctic development projects meet health, safety and environmental standards. The past few months, rising gas prices have put an added strain on American families. While there are no quick fixes to the problem, these are steps, along with eliminating taxpayer subsidies for oil companies and rooting out fraud and manipulation in the markets, that are worth taking.
WATCH: President's Weekly Address