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Obama and Trudeau put majority of US and Canadian Arctic water off-limits to offshore oil and gas leasing

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US President Obama and Canadian Prime Minister Trudeau jointly announced sweeping restrictions to offshore oil and gas leasing in the US and Canadian Arctic waters. Obama designated the vast majority of US waters in the Chukchi and Beaufort Seas as indefinitely off limits to offshore oil and gas leasing.

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Obama Administration announces 21M-acre oil and gas lease sale offshore Texas

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The US Department of the Interior will offer more than 21 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area. Ultra-deep gas royalty relief required under EPAct will still be available.

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Obama sets goal of reducing US oil imports by 1/3 by 2025; domestic and Western Hemisphere production, natural gas, biofuels, electric vehicles, fleet purchases

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Obama was delivering a speech on energy policy at Georgetown University. Meeting the goal of cutting US oil dependence depends largely on two things, Obama said: finding and producing more oil at home, and reducing dependence on oil with cleaner alternative fuels and greater efficiency.

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Obama Administration to offer 40 million acres in the Gulf of Mexico for oil and gas development

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Beaudreau announced that Interior will offer more than 40 million acres for oil and gas exploration and development in the Gulf of Mexico in March lease sales. BOEM estimates the proposed sale could result in the production of approximately 1 billion barrels of oil and 4 trillion cubic feet of natural gas.

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President Obama issues Executive Order to coordinate policy on development of unconventional natural gas

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President Obama has issued an Executive Order establishing an interagency working group to coordinate Administration policy efforts to support “safe and responsible” development of unconventional domestic natural gas and associated infrastructure. In 2011, natural gas provided 25 percent of the energy consumed in the United States.

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President Obama proposes 50% increase in spending on clean transportation, funded by $10/barrel tax on oil

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President Obama has laid out a plan for building a “21st Century Clean Transportation System”, the investment for which would be funded by a new $10 per barrel fee on oil paid by oil companies, which would be gradually phased in over five years.

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EPA to develop regulations for methane emissions from existing oil and gas wells; ICR coming in April

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The US EPA will begin developing regulations for methane emissions from existing oil and gas sources—e.g., oil and gas wells. The agency announced plans to cut methane emissions from new oil and gas wells last year. Earlier post.). EPA has already tacken actions to limit methane emissions.

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