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**baronaaba** · 05-14-2011, 11:10 AM

LA Times: http://www.latimes.com/news/nationwo...0,749716.story

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.

The plan, unveiled in Obama's weekly radio address Saturday, also would fast-track environmental assessment of petroleum exploration in some portions of the Atlantic and extend the leases of oil companies whose work in the Gulf of Mexico and the Arctic Ocean was interrupted by the drilling moratorium after last year's BP oil spill.

The measures come as high gasoline prices and the resulting popular anger threaten the fragile economic recovery and, possibly, the president's reelection chances in 2012. Congressional Republicans and some Democrats have been clamoring for increased domestic production in response to the rising prices, which economists say vary with global demand.

...

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. Obama will direct the Interior Department to hold annual oil and gas lease sales in the National Petroleum Reserve-Alaska, beginning later this year.

05-14-2011, 11:10 AM	#1
baronaaba Join Date Oct 2005 Posts 547 Senior Member	Obama to open Alaska oil reserve to new drilling LA Times: http://www.latimes.com/news/nationwo...0,749716.story 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. The plan, unveiled in Obama's weekly radio address Saturday, also would fast-track environmental assessment of petroleum exploration in some portions of the Atlantic and extend the leases of oil companies whose work in the Gulf of Mexico and the Arctic Ocean was interrupted by the drilling moratorium after last year's BP oil spill. The measures come as high gasoline prices and the resulting popular anger threaten the fragile economic recovery and, possibly, the president's reelection chances in 2012. Congressional Republicans and some Democrats have been clamoring for increased domestic production in response to the rising prices, which economists say vary with global demand. ... 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. Obama will direct the Interior Department to hold annual oil and gas lease sales in the National Petroleum Reserve-Alaska, beginning later this year.
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