Obama Drilling – Gulf of Mexico

Pres. Barack Obama announced his plan to open the U.S. Atlantic coast to offshore drilling for the first time in more than two decades.

The U.S. Interior Department released figures estimating that 39 to 63 billion barrels of crude and 198 to 294 trillion cubic feet of natural gas could be economically recoverable from the areas it is proposing to open.

The vast majority of that, however, will come from new leases it plans to open in the central Gulf of Mexico coast, an area that already produces four million barrels of crude and 40 trillion cubic feet of gas a month.

The U.S. currently consumes about 6.8 billion barrels of liquid fuels a year.

Obama Announces Offshore Drilling Part 1

Obama Announces Offshore Drilling Part 2