The White House is making a bid to overturn the Obama administration’s five-year plan forbidding oil and gas exploration in the Arctic and Atlantic oceans and will examine opportunities to drill almost anywhere off the U.S. coast.
Interior Department officials said Thursday that opening most of the outer continental shelf to leasing is part of President Trump’s strategy to make the United States a global leader in energy production, stimulate coastal activity and create thousands of jobs. But as onshore oil and natural gas production has surged from horizontal drilling, helping to lower the price of petroleum, interest in offshore drilling has fallen.
A barrel of petroleum sells for less than $45, and many oil companies balk at the massive investment in equipment needed to drill offshore when the price is lower than $85, analysts say.
Source: Trump says the Atlantic, Arctic could soon be open to oil drilling – The Washington Post
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