In his weekly address to the nation, US president, Barack Obama, has just outlined his new plans for US oil production.
The Obama administration will now, amongst other things, speed up the leasing process for the Alaska National Petroleum Reserve, give oil companies better financial incentives to use their leases, and the announcement also included new measures for the Gulf of Mexico.
The plans include fast-forward prospecting for oil in areas off the east coast of the United States, and such controversial measures as lifting a 20-year ban on drilling off the Virginia coastline and allowing access to parts of the Arctic Ocean offAlaska's North Shope.
Source: CNN Website
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