While the tremendous momentum created…
Saudi Arabia’s crude exports rose…
Presidential candidate Mit Romney on Thursday promised voters a US entirely energy independent by 2020, the allegedly detailed plan for which he plans to unveil on his campaign tour stop in New Mexico later today.
The key to Romney’s ambitious promise is to aggressively increase local production of oil and natural gas on federal lands and on the country’s coasts.
Romney reportedly put the finishing touches on his plans during a $6-million luncheon in Houston yesterday with the help of oil industry majors. The plan would also necessarily seek to remove a number of federal regulations aimed at reducing pollution.
Key to the plan is a state-centric strategy that would allow each state to manage its own development of energy resources on federal land, effectively removing federal government control over these lands and allowing states to determine the issuance of exploration licenses.
The grand plan also promises to create 3 million energy jobs.
On a broader level, the plan would lift the Obama administration’s suspension of fossil fuel development off the coast of Virginia in response to the 2010 BP oil spill. In addition, the plan would boost development of the Keystone XL pipeline.
By. Jen Alic of Oilprice.com