How Trump could vastly expand offshore drilling

Trump Signs Order Aimed at Opening Arctic Drilling

Trump Signs Order Aimed at Opening Arctic Drilling

This plan envisions a sweeping expansion of oil and gas exploration and drilling in the nation's outer continental shelf, about three nautical miles to as much as 200 miles offshore. Jerry Brown and scores of environmentalists.

The new five-year drilling plan could open new areas of oil and gas exploration off the East Coast from Georgia to ME, where drilling has been blocked for decades. The plan would also allow drilling in the Atlantic Ocean, the Gulf of Mexico and off the coast of Alaska.

But for oil companies, the option of exploring new areas is nice to have, and one they might exploit if oil prices rise.

The draft plan, now subject to review and debate, would allow the first new federal lease sales off the California coast since 1984. Both Trump and Zinke have celebrated American "energy dominance", and the president has vowed to unleash the "vast energy wealth" of the U.S.

At the same time, opportunities in US onshore shale fields, where production can be started up and shut down quickly, is competing for drillers' dollars, said McNabb, who also served on Trump's council of corporate advisers. "We're in uncharted territory in a serious way".

DeSantis has been publicly praised by Trump and has lined up some heavy hitters as financial supporters, including Las Vegas casino mogul Sheldon Adelson, Republican mega-donor Rebekah Mercer and Home Depot co-founder Bernie Marcus.

West Coast officials were quick to respond.

Sen. Kamala Harris called it "an incredibly harmful move." Sen.

Top News Greece Protests Yannis Liakos  AP
Top News Greece Protests Yannis Liakos AP

Pavel Molchanov, an energy analyst at financial firm Raymond James, said those are just some of the factors that could deter most oil companies from investing in "frontier exploration" or places like the Atlantic where development has been limited. A barrage of letters and comments from coastal communities opposed to the plan also played a role. Scott was not the only Florida Republican criticizing the proposal.

"They've chosen to forget the utter devastation of past offshore oil spills to wildlife and to the fishing, recreation and tourism industries in our states".

It comes directly from the pen of Mr Trump, who in April previous year signed an executive order opening up these waters to oil and gas drilling. Mel Martinez, R-Fla., brokered a deal to ban drilling off Florida's Gulf Coast through 2022.

Seven new leases will be offered along the Pacific coast. "They are far too powerful". "According to the Department of Interior, it is believed that over $1 trillion in net economic value is associated with development of the Gulf of Mexico over the past 20 years and the federal government has collected over $150 billion in offshore revenues".

The state can object "but it's not an absolute veto", said Richard Frank, an environmental law professor at UC Davis.

Environmental groups, however, swiftly condemned the drilling proposal. A producer would need permits from the California Coastal Commission and State Lands Commission before transporting any of its ocean production onshore, said Sandy Aylesworth of the Natural Resources Defense Council in San Francisco. Trey Gowdy, who represents the Upstate, supports moving forward, though he still says it's "critical" to take precautions to protect the environment.

Only one of 26 planning areas would be off limits to oil and gas exploration. As things stand now, 94 percent of those resources are off-limits, he said. Mica said Florida relies on natural gas for almost 70 percent of its electricity and that the industry is "constantly developing and improving safety standards, programs, new technologies, and best practices to protect our workers, the environment and marine life". He also noted it was a draft proposal that could change after public input. "It's more important than ever that we send a strong statement that California will not be open for drilling along our coast, which could devastate our multi-trillion dollar coastal economy, our coastal waters and marine life".

"These ocean waters are not President Trump's personal playground".

India Eases Foreign Investment Rules To Push Growth
These are meant to liberalize and simplify the FDI policy so as to provide ease of doing business in the country. However, FII/FPI (foreign portfolio investors) purchases were restricted to secondary market only.

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