Obama to OK offshore drilling

The Obama administration is expected to announce by Wednesday its updated plan for oil and natural gas drilling in U.S. waters, including whether to allow exploration for the first time along the U.S. East Coast.

The plan could pave the way for a significant new domestic source of energy, helping to reduce U.S. dependence on oil imports and boost supplies of natural gas used to displace coal in power plants as the country works to reduce emissions of climate-changing greenhouse gases.

Last month, Interior Secretary Ken Salazar said he wanted to release the updated drilling plan by the end of March.

Two industry sources said on Monday President Barack Obama was expected to give a speech about energy security on Wednesday, which could include his views on expansion of offshore drilling.

via Government set to unveil offshore drilling plan | Reuters.

Obama campaigned against offshore drilling.

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