President Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska.
Answering the call of Republicans and Democrats from Gulf Coast states, Obama said in his weekly radio and Internet address that he would extend all Gulf leases that were affected by a temporary moratorium on drilling imposed after last year's BP oil spill. That would give companies additional time to begin drilling. The administration had been granting extensions case by case, but senior administration officials said the Interior Department would institute a blanket one-year extension.
"The president is finally admitting what Republicans have known all along, that increasing the supply of American energy will help lower prices and create jobs," Hastings said.
Obama also called on Democrats and Republicans to vote to eliminate billions in taxpayer subsidies to oil and gas companies.
President Obama will open Alaska's national petroleum reserve to new drilling, as part of a broad plan aimed at blunting criticism that he is not doing enough to address rising energy prices.
But...oil industry representatives voiced cautious optimism that the steps laid out could coax more domestic oil without surrendering environmental safeguards.
The United States consumes nearly 25% of the world's daily crude oil output but is home to only 2% of its proven reserves, leading analysts to conclude that increased domestic output will not drive down prices substantially.
The plan will not require congressional approval.
Originally posted by DAVID64
This may be a good thing NOW, but this is also just a re election ploy and if re elected the b.s. will start all over again. He has proven to be a disaster as a leader for this country, please don't give him credit for last minute, hail mary ploys.