09 Nov '11, 5pm

Obama Administration Announces 5-Year Offshore Oil Drilling Plan

Yesterday, the Interior Department released a proposed 5-year plan for offshore oil-and-gas leasing, saying it's taking the "middle road" - it's far less expansive than what the Obama administration originally had in mind before the BP oil spill. Under the plan, the Pacific and Atlantic coasts would be off-limits to drilling, as well as areas deep in the Gulf of Mexico and near the Florida coast. It calls for 10 lease sales in areas of the Gulf that are already open for development starting next year. DOE says the plan encourages drilling in areas of the Gulf that are already available for leasing, but that are in active. It says that over 70% of exising leases have no production, exploration or development. And it calls for two lease sales in Arctic in both the Beaufort and Chukchi seas in 2015-2016, after further analsis of how drilling can be accomplished there without ...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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