Breaking: Obama opening offshore drilling; Drill Baby Drill?

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Tuesday March 30, 2010 · 8:01 PM PDT

2010/03/30 · 20:01

(Reuters) - The Obama administration is expected to announce by Wednesday its updated plan for oil and natural gas drilling in U.S. waters, including whether to allow exploration for the first time along the U.S. East Coast.

The plan could pave the way for a significant new domestic source of energy, helping to reduce U.S. dependence on oil imports and boost supplies of natural gas used to displace coal in power plants as the country works to reduce emissions of climate-changing greenhouse gases.

Two industry sources said on Monday President Barack Obama was expected to give a speech about energy security on Wednesday, which could include his views on expansion of offshore drilling.

This is after Obama reinstated the offshore ban. The oil markets however have been steadily higher, upwards of $80 now sustained for a while. Gas is going higher.

Not sure how this will go over with the base, but honestly, lower gas is popular and is a bold strategic move in eleciton year

Drill Baby Drill? Check

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