President Barack Obama granted oil companies a one-year extension on leases in parts Alaska and the Gulf of Mexico. This action comes as the President faces pressure to do something about rising prices at the pump. It also comes just days after the Senate grilled oil company executives on high gasoline prices and record oil company profits. It gives the oil industry a significant win on its wish list.
The Obama Administration also announced that it will order the Department of the Interior to commence new lease sales in Alaska’s petroleum reserve, with the goal f having at least one lease sold by the end of 2011. It will also speed up environmental reviews.
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