President Obama is set to announce an unprecedented expansion of offshore oil and gas drilling on the Atlantic Coast (as far north as Delaware) as well as the Florida Gulf Coast and parts of Alaska. This is a big shift to the right for the Obama administration and major reversal of the country’s energy policy.
The president is expected to make an announcement today at 11:00 AM ET. Obama will specifically lift a long-time moratorium banning oil exploration on the East Coast and will open 167 million acres for oil and gas exploration and eventually, production.
The news will obviously anger Obama’s environmental base, which will point out that on the campaign trail, while his opponents rode the “drill, baby, drill” wave, he argued that expanding domestic oil and gas production would not lower energy costs (at the time a barrel was trading at triple digits).