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Earlier this week, the Obama Administration announced a lease sale 39 million acres of an Oil and Gas rich area in the Gulf of Mexico. The area holds an estimated 1.6 billion barrels of oil and 6.6 trillion cubic feet of natural gas.
The Obama administration stated that holding this lease sale reinforces the administrations commitment to increasing U.S. production, reducing America’s dependence on foreign oil.
The Obama administration plans to offer incentive's for prompt development of the leases.
Again, this will take time to bring any of these area on-line and producing oil or gas for consumption.
In 2010 the Obama administration offered 37 million offshore acres for lease.
In 2011 they held a lease sale in the Western Gulf of Mexico which made another 21 million acres available.
This latest lease sale brings the total of available acreage to just shy of 100 million offshore acres.
On dry land the Obama Administration more than 30 oil and gas lease sales involving America’s public lands with a total of available acreage of 4.4 million acres in 2011.
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