Obama Administration to allow for oil exploration off the Atlantic coast

The Administration's strategy calls for developing oil and gas resources in new areas, such as the Eastern Gulf of Mexico; increasing oil and gas exploration in frontier areas, such as parts of the Arctic and Atlantic Oceans; and protecting ocean areas that are simply too special to drill, such as Alaska's Bristol Bay.  The strategy will guide the current 2007-2012 offshore oil and gas leasing program, as well as the new 2012-2017 program that the administration will propose.

If drilling is allowed in the Atlantic coast, this will generate new steel consumption in terms of offshore platforms and line pipes. 

"I want to emphasize that this announcement is part of a broader strategy that will move us from an economy that runs on fossil fuels and foreign oil to one that relies on homegrown fuels and clean energy," said President Obama. "And the only way this transition will succeed is if it strengthens our economy in the short term and the long term.  To fail to recognize this reality would be a mistake."

Over the last year, the Administration has worked to reevaluate previous decisions in an effort to set oil and gas drilling policies on the Outer Continental Shelf (OCS) that will help reduce our dependence on foreign oil, create jobs, and take environmental risks and responsibilities into account. 

"By responsibly expanding conventional energy development and exploration here at home we can strengthen our energy security, create jobs, and help rebuild our economy," said Secretary of the Interior Ken Salazar. "Our strategy calls for developing new areas offshore, exploring frontier areas, and protecting places that are too special to drill.  By providing order and certainty to offshore exploration and development and ensuring we are drilling in the right ways and the right places, we are opening a new chapter for balanced and responsible oil and gas development here at home."