Let’s open more of the US offshore for energy development

Some media reports have described on this week’s federal Gulf of Mexico lease sale as “disappointing,” “modest” and “tepid.” In reality, more offshore areas need to be open for energy development.

First, every offshore lease sale the federal government holds is welcome, because each represents new opportunity for the market to work as it should, with companies making investment decisions based on the potential for significant natural gas and oil production.

As the U.S. considers developing more of the outer continental shelf we should remember that about 94 percent of the federal outer continental shelf remains off limits to development. Now there is the prospect for even more development with a new offshore leasing program the administration is crafting. The end goal is to harness more of our offshore reserves to strengthen America’s future energy security while supporting local, state and national economies

 

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