nhboy
05-14-2011, 11:08 AM
LINK (http://www.bbc.co.uk/news/business-13399360?utm_source=twitterfeed&utm_medium=twitter)
"The US will seek to expand domestic oil production in an attempt to reduce dependence on imported oil and bring down fuel prices, President Obama says.
New leases for exploration will be granted in non-protected areas of Alaska and in the Gulf of Mexico.
In his weekly address the president insisted the US could reduce its need for imported oil and improve safety.
And he urged Congress to back proposals to end taxpayer subsidies to highly profitable oil companies.
Using his address to tell Americans that he understood their concerns about rising prices, President Obama focused particularly on the price of fuel, which has spiked in recent months.
US consumers have historically enjoyed cheap fuel, but have seen prices reach $4 per gallon (£0.65 per litre) in recent months.
Vow on standards
US oil production in 2010 reached its highest level for seven years, Mr Obama said in his address.
"But I believe that we should continue to expand oil production in America - even as we increase safety and environmental standards," he said.
New leases would be sold each year in Alaska's National Petroleum Reserve, and oil and gas fields in the Atlantic Ocean would be evaluated as a high priority, the president said."
"The US will seek to expand domestic oil production in an attempt to reduce dependence on imported oil and bring down fuel prices, President Obama says.
New leases for exploration will be granted in non-protected areas of Alaska and in the Gulf of Mexico.
In his weekly address the president insisted the US could reduce its need for imported oil and improve safety.
And he urged Congress to back proposals to end taxpayer subsidies to highly profitable oil companies.
Using his address to tell Americans that he understood their concerns about rising prices, President Obama focused particularly on the price of fuel, which has spiked in recent months.
US consumers have historically enjoyed cheap fuel, but have seen prices reach $4 per gallon (£0.65 per litre) in recent months.
Vow on standards
US oil production in 2010 reached its highest level for seven years, Mr Obama said in his address.
"But I believe that we should continue to expand oil production in America - even as we increase safety and environmental standards," he said.
New leases would be sold each year in Alaska's National Petroleum Reserve, and oil and gas fields in the Atlantic Ocean would be evaluated as a high priority, the president said."