Offshore drilling

Obama Supports Offshore Oil Drilling?

Yes! In Brazil!

In 2009, the U.S. Export-Import Bank has approved a plan to offer loans or loan-guarantees to Brazil’s state-owned oil company, Petrobras, to finance exploration of an offshore oil field near Rio de Janeiro.

In March 2011, Obama called for increased offshore drilling as a way to promote American energy security and bolster the nation’s economy.

On the first leg of his trip to Latin America in March 2011, Obama said in Brazil that his administration wants to assist the Brazilian government “with technology and support” in developing its oil reserves.

“We want to partner with Brazil… on the issue of energy, which is why President Rousseff and I… agreed to launch a Strategic Energy Dialogue.  By some estimates, the oil you recently discovered off the shores of Brazil could amount to twice the reserves we have in the United States.  We want to work with you.  We want to help with technology and support to develop these oil reserves safely, and when you’re ready to start selling, we want to be one of your best customers.  At a time when we’ve been reminded how easily instability in other parts of the world can affect the price of oil, the United States could not be happier with the potential for a new, stable source of energy.”

On the other hand…

On June 29, 2012, the Obama administration released its 5-year (2012-2017) oil drilling plan which keeps 85% of America’s offshore areas off-limits to energy production.

With this plan, the administration reinstates the 27 year moratorium that was lifted in 2008.  Since taking office, Mr. Obama and Secretary of Interior Mr. Salazar have worked to restrict access to America’s offshore oil and gas resources by canceling and delaying lease sales.  More than 3 1/2 years into the Obama administration, nearly 86 billion barrels of undiscovered oil on the Outer Continental Shelf remain off-limits to Americans. Alaska alone has about 24 billion barrels of oil in un-leased federal waters. The Commonwealth of Virginia – where Mr. Obama has reversed policies that would have allowed offshore development – is home to 130 million barrels of offshore oil and 1.14 trillion cubic feet of natural gas.

Once you add those restrictions to the vast amount of shale oil that is being blocked, the administration has embargoed nearly 200 years of domestic oil supply.

Obama's Plan for Offshore Drilling

Offshore Areas Blocked for Drilling under President Obama’s Final 2012-2017 Plan

Offshore Drilling before Obama

Offshore Areas Open for Drilling when President Obama Took Office


One thought on “Obama Supports Offshore Oil Drilling?”

  1. It makes no sense to loan someone money in order to produce a product that we promise to buy when we can produce the product with our own resources. Obvious. What am I missing?

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