for Department of Interior
Speeding up the process is good news for the industry in that there are plenty of untapped offshore reserves. However, many companies may choose to withhold capital investment given the current low-price environment and typical long-cycle investment in offshore production.
On the agenda at budget hearings this week will be energy innovation, the proper size of the Strategic Petroleum Reserve (SPR), offshore drilling, and oil production on public lands.
Republicans have pushed back hard against energy and environmental action Obama has taken after the election, and they will likely try to overturn his decisions once he leaves office.
Picking Ken Salazar and John Podesta for high-level positions provides little clarity regarding energy and the environment policy since both advisers have different philosophies and it’s unclear which side would win out under a Clinton administration.
In a major reversal, the Obama Administration switched tactics today on offshore drilling on the Atlantic outer continental shelf (OCS), changing its previously announced plan to allow for bidding on mid-Atlantic OCS blocks during the 2017-2022 planning period.
Clinton’s recent comments suggested an anti-fracking approach that is not only generally inconsistent with her previous statements, but also doesn’t align with the authority of the executive branch.