Republicans Press Obama To Allow Offshore Oil Drilling

On Wednesday, House Republicans urged President Barack Obama to open the Atlantic and Pacific coastlines to oil drilling.

The lawmakers hope to see a 5-year plan proposed at the end of the Bush administration go forward.

Interior Secretary Ken Salazar told Reuters he will review the proposal along with a number of “midnight” Bush regulations.

"We respectfully urge that you allow the five-year offshore drilling plan to continue because it is vital to our economy," the lawmakers said in a letter to Obama.

"Our country needs to remain on the path to American energy independence, and we believe this is a critical and achievable goal," they wrote.

The plan, proposed during the Bush administration, would allow energy exploration between 2010 and 2015 along the Californian, Alaskan, and Eastern coasts of the U.S.

All bans on drilling in U.S. waters expired last year.

The lawmakers referenced a study in their letter stating that offshore drilling would provide 160,000 jobs by 2030, and create $1.7 trillion in royalties for the U.S. government.

Obama said he is open to expanding offshore drilling as part of legislation addressing American energy issues.

He has not provided details as to what his plan would look like, or what offshore tracts would be available for exploration.

The Interior Department believes the U.S. holds 86 billion barrels of oil and 420 trillion cubic feet of natural gas in its coastal waters.  Offshore areas, which have not been explored in a quarter-century, could hold even more.