Obama just proposed opening up offshore drilling.
According to the New York Times, "The proposal would end a longstanding moratorium on oil exploration along the East Coast from the northern tip of Delaware to the central coast of Florida, covering 167 million acres of ocean."
It would also open up the north shore of Alaska.
Under the plan, there would be no drilling on the Pacific Coast or in New England. It’s not too hard to guess why.
The good news is that the proposal would cut oil imports and generate sales revenue.
The NYT goes on to say: "The first lease sale off the coast of Virginia could occur as early as next year in a triangular tract 50 miles off the coast that had already been approved for development but was held up by a court challenge and additional Interior Department review."
Actual drilling won’t start for years, but you can bet that the seismic explorers like Subsea 7 (SBEAF.PK) are getting excited.
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