Drill, Baby, Drill: Obama Opens Up Offshore Drilling and Exploration

In a move that angered environmentalists, President Obama today said he is lifting bans on offshore drilling and oil and gas exploration off the Virginia coast, and is expanding lease sales for oil and gas exploration on the Atlantic seaboard.

"This is not a decision that I've made lightly," Obama said at Andrews Air Force base today. "But the bottom line is this: Given our energy needs, in order to sustain economic growth, produce jobs and keep our businesses competitive, we're going to need to harness traditional sources of fuel even as we ramp up production of new sources of renewable, homegrown energy."

VIDEO: Obama Pushes for Off Shore Drilling
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The Obama administration's move to allow the lease sale to go forward for oil and gas exploration 50 miles off the Virginia coast marks the first sale of offshore oil and gas drilling rights in the Atlantic in more than two decades.

The Department of Interior will also allow seismic exploration for oil and gas in the Outer Continental Shelf from Delaware south to the tip of Florida, to assess the quantity and location of potential oil and gas resources. The agency will continue lease sales in the central and western Gulf of Mexico, and will open up two-thirds of the resources in this region should Congress lift the moratorium imposed upon it. The administration may also the eastern Gulf of Mexico, 150 miles west of the Florida coast, for possible drilling as well.

Video of President Obama
President Obama Opens Up Offshore Drilling: Drill Baby Drill

At the same time, the administration canceled a lease sale in Alaska's Bristol Bay because of environmental concerns but approved one in Alaska's Cook Inlet. Lease sales in Alaska's Chukchi and Beaufort Seas are suspended pending further scientific review.

All in all, more than 400 million acres of ocean may be opened for offshore drilling.

What that means is that sites off Virginia and in the eastern Gulf of Mexico could produce 230 million barrels of oil and 1.41 trillion cubic feet of natural gas by 2030. The areas the government is further studying contain up to 62 billion barrels of oil and up to 289 trillion cubic feet of natural gas.

VIDEO: President Obama is expected to expand drilling for oil along the U.S. coastline.
Obama's Offshore Drilling Plans

Obama today said opening up these sites to oil and gas exploration is critical to U.S. energy security.

"We'll be guided not by political ideology but by scientific evidence," the president said.

In 2008, the United States imported 4.7 billion barrels of oil and while potential new reserves may help the United States reduce some dependency on foreign oil, it's unlikely the need for imports will completely be eliminated.

"The amount of oil or gas involved will take a number of years to develop and therefore will not have a significant impact on price," said Guy Caruso, a senior adviser at the Center for Strategic and International Studies.

Environmental Groups Disappointed at Decision

Obama, responsing to criticism from environmental groups, argued that it was necessary to pursue a comprehensive energy strategy to make the United States more energy-independent.

"I want to emphasize that this announcement is part of a broader strategy that will move us from an economy that runs on fossil fuels and foreign oil to one that relies more on homegrown fuels and clean energy," he said. "And the only way this transition will succeed is if it strengthens our economy in the short term and long term. To fail to recognize this reality would be a mistake."

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