U.S. Announces Offshore Drilling Plan

The U.S. Interior Department (DOI; Washington) and President Obama announced a plan allowing for oil and gas drilling in some offshore areas yesterday. The plan will open up areas in the Mid and South Atlantic, the Eastern Gulf of Mexico, and the Arctic Ocean to exploration and development of oil and gas production. Exploration into most of the new areas is slated to begin in 2012, though drilling will not occur until well after that. The eight areas that will be opened to exploration in 2012 are estimated to contain 39-63 billion barrels of economically...

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