Today, the Obama administration is offering 39 million acres of the most oil- and gas-rich area of the Gulf of Mexico in order to increase the exploration and production of America’s domestic energy resources. This is a landmark sale – we estimate that up to 1.6 billion barrels of oil and 6.6 trillion cubic feet of natural gas could be produced as a result of the acres leased. Holding this lease sale reinforces our commitment to increasing U.S. production, reducing America’s dependence on foreign oil, and incentivizing prompt development of the leases that industry holds.
The bottom line: it’s good news for American jobs, good news for the Gulf economy, and it’s good news for the President’s efforts to expand safe and responsible production of America’s abundant domestic resources.
Despite misleading rhetoric from some, the President has made clear he is committed to expanding oil and natural gas production safely and responsibly, and today’s sale is just the latest example of his administration delivering on that commitment. As part of the President’s all-of-the-above energy strategy, this sale builds on a series of actions taken by the Obama administration, including additional lease sales in both onshore and offshore areas for oil and gas development.