U.S. President Donald Trump today signed an executive order that will open up more areas for offshore oil and gas exploration and production.
Our country is blessed with incredible natural resources, including abundant offshore oil and natural gas reserves. But the federal government has kept 94 percent of these offshore areas closed for exploration and production,” President Trump said. This executive order starts the process of opening offshore areas to job-creating energy exploration. It reverses the previous administration’s Arctic leasing ban and directs Secretary Zinke to allow responsible development of offshore areas that will bring revenue to our Treasury and jobs to our workers. In addition, Secretary Zinke will be reconsidering burdensome regulations that slow job creation. ”
Karen Harbert, president and CEO of the U.S. Chamber’s Institute for 21st Century Energy, praised the Trump administration for promoting offshore energy development.
“America is fortunate to have vast offshore energy resources which could fuel the global economy for decades,” Harbert said. “Unfortunately, 94% of it is off limits for production, depriving us of vast opportunities for consumers, businesses, and the entire economy. Now, the Trump administration is stepping in to take immediate action that will bring back production in parts of the Arctic and Atlantic that were taken off limits, and also conduct a more comprehensive review of our offshore policies. We are hopeful that this evaluation will lead to opportunities for production in the Mid-Atlantic, the Gulf of Mexico, including the Eastern Gulf of Mexico, and expanded access in Alaska.”