Breitling Oil and Gas Morning Podcast #120 July 30th, 2012

In an election-year swipe at President Barack Obama’s energy policies, the Republican-led House on Wednesday voted to revoke Obama’s five-year plan for offshore drilling, replacing it with its own plan that calls for more ambitious oil and gas development off the U.S. coast.  The legislation will likely go nowhere in the Senate and the White House has issued a veto threat, but as with the tax and regulatory bills the House is also taking up this month, it puts lawmakers on the record on the issues that divide the two parties.

The Interior Department its 5 yr plan for offshore oil and gas leasing program scheduled 12 potential lease sales in the Gulf of Mexico and three off the coast of Alaska.  The House bill, by contrast, provides for 29 lease sales over the same five-year period, and includes areas of the Atlantic coast from Maine to Virginia, and areas off the southern coast of California as well as Alaska and Gulf areas.

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