The Obama Administration has scrapped a plan to sell oil and gas leases in the middle and southern Atlantic Ocean beginning in 2017. The Department of the Interior said in a statement on Tuesday the decision was made based on potential conflicts with national defense and commercial interests, market dynamics, limited infrastructure and opposition from coastal communities.
The White House proposed oil and gas drilling off the Atlantic Coast in January 2015. A study by the Interstate Policy Alliance estimated Atlantic drilling could bring up to $60 billion in economic value to coastal states.
American Petroleum Institute President Jack Gerard said the administration’s decision eliminates an opportunity to create new jobs along the Atlantic coast while erasing millions of dollars in government revenue.
SEE ALSO: API's Gerard outlines the state of American energy
