Thursday, April 01, 2010

Energy Firms Hopeful on Obama Plan -

Energy Firms Hopeful on Obama Plan -

"The U.S. oil and natural-gas industry cautiously applauded President Barack Obama's proposal Wednesday to open up new offshore areas in the Atlantic Ocean and Gulf of Mexico to oil and gas exploration.

The initiative could lead ultimately to increased domestic energy production. However, industry officials pointed out that Mr. Obama's plan didn't definitively promise new areas for drilling, but did place some areas off limits for seven years.

Still, the industry was heartened by the president's rhetorical embrace of fossil fuels, which they viewed as a change from an earlier more dismissive stance."

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