WHAT: More than two-thirds of Gulf of Mexico oil and gas leases are sitting idle, as are 45 percent of all U.S. onshore leases. The Gulf sites alone could potentially hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas.
WHY: Under pressure to push back against fast-rising gasoline prices, President Barack Obama ordered an Interior Department report that was released Tuesday. He is expected to outline his plans for national energy security in a speech as soon as today.
WHAT’S HAPPENING NEXT: Rep. Doc Hastings, chairman of the House Natural Resources Committee, will introduce bills to end the offshore drilling moratorium and make the administration move forward on energy production at high-potential sites.
