United States President Barack Obama announced on March 31 that will expand its United States offshore oil and gas field development, in order to ensure the United States energy security in the near future.
Analysts also pointed out that the White House changed its mind and instead supported Republican claims of exploitation of offshore oil and gas, mainly in order to pass climate legislation in Congress to the Obama's put down the road. In the crude oil market is not optimistic about the proposed move could impact of supply, oil prices in New York rose instead of fell yesterday in Flash disk, international oil prices above $ 84 at one point, hit a 17-month high.
1-to return for climate legislation
When a March 31 speech at Andrews Air Force base near Washington, Obama said, to ensure that United States energy security is one of the first of its ruling, as a long-term goals, United States should rely more on clean energy production from; but as a target in the near future, United States must develop more offshore oil and gas resources, which is why he has to change their minds, and in turn causes release of offshore oil production.
The Bush Administration had declared at high oil prices in July 2008 offshore oil-drilling ban to ease oil price rise pressure. However, it was against the Democratic Party. After Obama takes office, authorities to immediately restart a mining ban.
Out of concern for pollution of the environment in the past more than 20 years, United States has been banned in addition to Mexico Bay most of the coastal areas other than oil and gas.
For this new decision, Obama explained, this was a tough decision, he knows many people strongly opposed, but United States to successful implementation of the energy strategy of change, must be to ensure that short-term and long-term economic stability.
Under the Obama plan, United States open in Eastern and South-Eastern coast, Mexico and in the eastern Gulf of Alaska more than North Sea oil and gas field development. But at the same time, the Government decided to limit mining part of Alaska oil and gas fields.
The industry believes, made the decision the Obama administration's "right of two evils choose the light" option, its fundamental purpose is for Republicans to support climate legislation.
Obama says to open up offshore oil production was "part of a broader energy strategy", he called on members of Congress to work together under the comprehensive energy and climate legislation to curb greenhouse gas emissions. Under Obama's plan, the new legislation will create new industries and create millions of new jobs, and the United States more energy independent.
2-or the introduction of new crude oil supply 13 billion barrels
United States is the world's largest consumer of oil, but it is also one of the largest oil-producing countries. However, all along, the United States prohibit excessive exploitation of offshore oil and gas inside its borders. United States about the ban on offshore oil exploitation there are two, one is the United States Government to promulgate administrative bans of, a legal ban of the Congress. Only the two bans were lifted at oil companies drilling oil. Congress for 27 consecutive years to maintain the legal ban, United States Government administrative ban began in 1990.
The Wall Street Journal reported yesterday, Obama proposed that all cash, then to the United States about 13 billion barrels of crude oil and net new 41 trillion cubic feet of natural gas supply. University of Cambridge Energy Research Associates, predict that by 2020, the United States oil supplies will be 40% from the bottom.
Obama's new decision, United States home with some. Some environmentalists accused, United States major oil and gas production will seriously damage the surrounding environment, the end result will be more losses than gains. Mitch McConnell, the Republican leader of the minority party in the Senate said, under the new policy, reserve resources area "barred", this policy is only a small step in the right direction.
3-international oil prices create a 17-month high
From the oil price on the day of performance, the market seems to be not too concerned about Obama's offshore oil production plans. Closed on Wednesday, not only has the May crude oil futures in New York fell because of fears that supplies increase, but rose 1.7%, to us $ 83.76, breakthrough year highs.
Flash disk yesterday, oil stocks and a weaker dollar, driven by continued to surge, rising to $ 84.62, October 14, 2008 year high.
Looking back at 2008, Bush announced July 14 that lifted the United States after the ban on offshore oil, oil price in New York after two days diving, 15th day fell $ 6.44, biggest drop in 17 years.
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