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President is going to give big oil another financial shot in the arm with his plans to let them drill for oil in the Gulf in more areas than they do at the current time. He also plans to conduct annual lease sales in Alaska’s National Petroleum Reserve, as well as some areas off of Alaska’s coast.
Those plans are what he put forth in his weekly radio address on May 14.
Second, we should increase safe and responsible oil production here at home. Last year, America’s oil production reached its highest level since 2003. But I believe that we should expand oil production in America – even as we increase safety and environmental standards.
To do this, I am directing the Department of Interior to conduct annual lease sales in Alaska’s National Petroleum Reserve, while respecting sensitive areas, and to speed up the evaluation of oil and gas resources in the mid and south Atlantic. We plan to lease new areas in the Gulf of Mexico as well, and work to create new incentives for industry to develop their unused leases both on and offshore.
We’re also taking steps to give companies time to meet higher safety standards when it comes to exploration and drilling. That’s why my Administration is extending drilling leases in areas of the Gulf that were impacted by the temporary moratorium, as well as certain areas off the coast of Alaska. And to streamline that permitting process, I am establishing a new team to coordinate work on Alaska drilling permits.
Finally, the third step we should take is to eliminate the taxpayer subsidies we give to oil and gas companies. In the last few months, the biggest oil companies made about $4 billion in profits each week. And yet, they get $4 billion in taxpayer subsidies each year. Four billion dollars at a time when Americans can barely fill up their tanks. Four billion dollars at a time when we’re trying to reduce our deficit.
This isn’t fair, it makes no sense. Before I was President, the CEOs of these companies even admitted that the tax subsidies made no sense. Well, next week, there is a vote in Congress to end these oil company giveaways once and for all. And I hope Democrats and Republicans come together and get this done. Complete Transcript
Click here to watch the May 14, 2011 Weekly Republican address delivered by Martha Roby of Alabama, via GOP.gov discussing the “importance of increasing American energy production which will help lower gas prices, create jobs, and increase security in America” as well as the need to address the federal debt crisis, noting that “American people will not tolerate an increase in the debt limit unless it is accompanied by real spending cuts and reforms.”
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