“…tonight, I’m directing my administration to open more than 75 percent of our potential offshore oil and gas resources.” -  President Obama 2012 State of the Union

So, 75 percent – that must be good, right?  Well, not exactly.  Let’s take a look at what the Proposed Outer Continental Shelf Oil & Gas Leasing Program 2012-2017 actually provides:

The president wants you to focus on the two numbers on the right, that 77 percent and 78 percent of our potential resources are available.  But the more important number is on the left, showing that only 13 percent of our total outer continental shelf (OCS) acreage is even open to development.  To understand why we need to understand what those oil and natural gas numbers represent – and what they don’t.

What they represent are the un... more »

Despite the administration's decision to ban offshore drilling in the Atlantic for at least seven years, many Virginia residents continue to look forward to the time when their portion of the Outer Continental Shelf (OCS) can produce energy as well as bring jobs and revenues to the Commonwealth.

There's no doubt that the economic benefits of offshore development would be welcomed throughout the Commonwealth, including in the seaside community of Norfolk.

A study by ICF International estimates that development in federal waters offshore Virginia could produce more than a half-billion barrels of oil and more than 2.5 trillion cubic feet of natural gas. That much natural gas could heat the equivalent of Virginia's 3.2 million households for more than 11 years. A half-billion barrels of oil i... more »

(Editor's Note: The American Petroleum Institute, together with the American Exploration & Production Council, the Independent Producers Association of America, the International Association of Drilling Contractors, the National Ocean Industries Association and the U.S. Oil & Gas Association sent a letter to the chairmen and ranking members of the House and Senate Appropriations Full and Subcommittee, asking Congress to provide additional resources to the Bureau of Ocean Energy Management, Regulation, and Enforcement (BOEMRE) to increase staff, training and inspectors. API President and CEO Jack Gerard issued the following comment today.)

We fully support Congress providing additional resources for the Bureau of Ocean Energy Management, Regulation, and Enforcement. This agency needs the a... more »

In today's episode, I interview Rep. Dean Cannon, Speaker Designate of the Florida House of Representatives, about his bill to open up Florida's State-owned waters to offshore drilling. Rep. Cannon says this proposed bill would help boost the state's economy while protecting Florida's tourism sector. He also references a recent study, conducted by the Willis Group, which shows the low risks associated with offshore drilling.

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

00:17 At the end of March, President Obama announced plans to open portions of the U.S. Outer Continental Shelf (OCS) to offshore oil and natural gas development, but his plans cover only feder... more »

In today's episode, I interview Erik Milito, API's group director of upstream and industry operations, about President Obama's plan to open areas on the Outer Continental Shelf for offshore drilling. Erik says this is a step in the right direction, and explains how opening even more areas offshore could benefit the economy.

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

00:17 Last week, President Obama announced that the United States will open certain areas of the Outer Continental Shelf (OCS) to oil and natural gas development. He explained that the nation will need more oil and natural gas while it develops new fuels for the future. To explain the possible i... more »