In order to strengthen the nation’s energy independence, the secretary of interior would be authorized to add additional oil and gas lease sales to an existing five-year plan under legislation introduced by U.S. Sens. Thom Tillis (R-NC) and Bill Cassidy (R-LA).
The Unleashing American Energy Act would circumvent the lengthy 24-36 month process to finalize a new five-year lease plan by enabling the Trump administration to add Outer Continental Shelf oil and gas lease sales to the existing plan.
“This legislation is an important first step to cutting several layers of bureaucratic red tape that will allow for the responsible exploration of offshore energy,” Tillis said. “I look forward to working with my colleagues to pursue a national energy policy that will put America on the path to energy independence and help lower utility bills for hardworking families in North Carolina.”
The Obama administration reversed planned lease sales in the Atlantic Ocean and off the coast of Alaska in the existing five-year plan, which the lawmakers said cost the United States billions of dollars in investment and many jobs.
Just 6 percent of the Outer Continental Shelf is now available for energy production, though this area holds an estimated 480 trillion cubic feet of natural gas and 101 billion barrels of oil.
“This legislation creates better paying energy jobs with better benefits for working families,” Cassidy said. “It unleashes domestic energy production which creates these jobs, generates revenue to balance our budget and increases America’s energy independence.”
Quest Offshore Resources has projected that development of the Atlantic coastal area alone could generate 279,562 jobs and induce $194 billion in investments by 2035.