Secretary of the Interior, Ken Salazar included in a statement: "Expanding offshore oil and gas production is a key component of our comprehensive energy strategy to grow America's energy economy, and will help us continue to reduce our dependence on foreign oil and create jobs here at home,"
Not only is this venture set to decrease dependency on foreign oil, but likely to create thousands of much needed oil and gas contract jobs in America and for foreign contractors. The lease sale is set to commence on June 20th of this year and will include over 38 million acres of unleased areas.
BOEM (The Bureau of Ocean Energy Management) has stated that the massive sale could generate approximately 4 trillion cubic feet of natural gas and a further 1 billion barrels of oil. Although Obama is set to release further information of the subject, much emphasis is being placed on job generation, by the US government and the oil and gas industry alike.
Salazar further stated: 'The President has made it clear that developing our domestic oil and gas resources is a significant part of this administration's efforts to grow our economy and create jobs. This lease sale is part of our commitment to safe and responsible development of the Outer Continental Shelf"
So has Obama done enough? While the president has been undoubtedly acted fast between promising an increase in offshore exploration and acting upon it, will it go off without a hitch? Foreign oil dependency affects many cultural and political dynamics; these positive steps could potentially break away from these tensions and create thousands of jobs in the process.
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to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More