The administration's decision to ban oil and natural gas development in the Atlantic, Pacific and the eastern Gulf of Mexico for the next seven years exacerbates an ongoing problem for the United States: Despite calls for energy independence, the nation could become more reliant on oil from other countries.

Fortunately, one of the world's foremost oil producing countries is right next door. In recent years, Canada has become the largest supplier of oil to the United States. An estimated 2 million barrels of Canadian oil comes over the U.S. border every day, and about half of it is derived from Canada's abundant oil sands.

"Full oil sands development could double that," API's Cindy Schild told reporters today in a conference call. She added, "Every barrel imported from Canada could replace... more »

In today's episode, I interview Sara Banaszak, API's senior economist, about the administration's recent ban on offshore drilling and its impact on the economy, jobs and energy security.

Use the audio player below to listen to information about the ban and its impact and follow along with the show notes. I hope you find the podcast informative.

00:17 A few days ago, the Obama administration reversed a policy decision and made several U.S. offshore areas unavailable for oil and natural gas development. The Atlantic and Pacific coastal areas, as well as the eastern Gulf of Mexico, were placed off limits for at least seven years. API's Senior Economist, Sara Banaszak, is in the studio today to discuss this policy shift and to shed some light on the economic impact... more »

"The decision...made last week is inconsistent with the will of the American people." API President and CEO Jack Gerard.

This was one of the statements made by Jack Gerard today as he spoke with reporters today about the administration's decision to halt offshore drilling in the Atlantic, Pacific and the eastern Gulf of Mexico for the next seven years. Coincidentally, as he was speaking, Rasmussen Reports was releasing new polling results showing that 54 percent of U.S. voters believe the new drilling ban will increase gasoline prices and hurt the economy.

The Rasmussen poll isn't the only survey to show support for offshore oil and natural development. As API reported recently, 60 percent of American voters favor offshore drilling, a fact that led Jack to say today that the new drilling b... more »

(Editor's note: Moments ago, American Petroleum Institute President and CEO Jack Gerard warned that the administration's decision today not to allow offshore drilling in the eastern Gulf of Mexico, the Atlantic and the Pacific in the government's next five-year drilling plan could result in the loss of tens of thousands of American jobs, billions less in government revenues and an increasing dependence on foreign energy sources. Below is the text of his statement.)

"As our country looks for ways out of the hole of lackluster economic growth and job creation, today's decision shows that this administration would rather keep digging than take the ladder to increased economic prosperity offered by developing our nation's domestic energy resources.

"The oil and natural gas industry is a rel... more »

The lawsuit filed by Hornbeck Offshore Services Inc. against the administration's moratorium is headed back into court. U.S. District Court Judge Martin Feldman, who granted a stay against the first deepwater drilling ban calling it "arbitrary and capricious," will hear the government's arguments in support of the moratorium today.

Last week, Ensco Offshore Co. filed a 450-page brief in its suit against the moratorium, accusing the administration of imposing "onerous new requirements for both shallow water and deep-water drilling" that violate the government's own rulemaking process. Rather than sending "notices to lessees" containing new drilling requirements, Ensco asserts the government should have issued a formal notice of rulemaking and held a public comment period.

Ensco is asking Ju... more »