SAFE Praises Obama Energy Announcement

Production Off Atlantic Coast Important, But Congressional Moratoria Must be Lifted

WASHINGTON, March 31 /PRNewswire-USNewswire/ -- Securing America's Future Energy (SAFE) today praised President Obama's announcement that the federal government will pursue oil and gas development in areas off the Atlantic Coast and in new areas in the Gulf of Mexico, but also cautioned that much work remained to open some of the nation's most productive offshore areas to energy production.

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"The Obama administration deserves credit for signaling its intention to pursue policies that will lead to safe domestic production of energy off the Atlantic coast," SAFE Senior Vice President Jonathan Grella said. "However, there is still much work to be done. Until Congress lifts the moratorium on exploration and production in the Eastern Gulf of Mexico, some of the most energy-rich areas within U.S. borders will remain unutilized. It is imperative that Congress moves forward with the bipartisan energy security legislation that passed out of the Senate Energy Committee last June. Further, it is critical that the Obama administration follow through on lease sales in all of the areas in which exploration and production are not under moratorium."

In its 2006 Recommendations to the Nation on Reducing Oil Dependence and its 2008 National Strategy for Energy Security, SAFE called for increased access to domestic resources as part of a comprehensive plan for energy security. In 2009, SAFE released a detailed analysis showing that increased exploration and production in the Eastern Gulf of Mexico would have little to no impact on military testing and training in the area. In June 2009, the Senate Committee on Energy and Natural Resources passed legislation on a bipartisan basis that included measures to lift the congressional moratoria on oil and natural gas production in the Eastern Gulf.

"It is also important to remember that, as the President said, domestic energy production represents only one piece of the energy security puzzle," Grella added. "But it is an important piece. Producing more oil and natural gas here at home will help protect our economy and our national security as we make the absolutely necessary long-term transition to a post-oil economy."

According to the latest MMS and National Petroleum Council (NPC) data, the Eastern Gulf of Mexico contains in total more than 3.6 billion barrels of technically recoverable oil and 22 trillion cubic feet of technically recoverable natural gas. Offshore areas on the Atlantic coastline are estimated to contain an additional 3.8 billion barrels of oil and 37 trillion cubic feet of natural gas.

Securing America's Future Energy (SAFE) is an action-oriented, nonpartisan organization that aims to reduce America's dependence on oil and improve U.S. energy security to bolster national security and strengthen the economy.

SOURCE Securing America's Future Energy