Obama Pitches Plan to Spur Oil, Gas Production

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Rising gas prices have forced President Obama to lay out a strategy to increase energy production in the U.S.

"We still have a lot of work to do on energy," Obama told Democratic Party supporters at a political event New York Tuesday night. "Let's increase domestic oil production. Let's also invest in solar and wind and geothermal and biofuels, and let's make our buildings more efficient and our farms more efficient."
    
The president has proposed reducing oil imports by one-third over the next decade. He explained the reduction would happen through incentives for using biofuels and natural gas and making more fuel- efficient vehicles.
    
One incentive would be aimed at development in the Gulf of Mexico. Currently, more than two thirds of offshore oil and gas leases there are sitting idle.
    
The Interior Department says the Gulf may hold more than 11 billion barrels of oil and 50 trillion cubic feet of natural gas.
    
All of this comes as Organization of the Petroleum Exporting Countries (OPEC) is set to have its largest revenue year on record. According to the International Energy Agency, OPEC could make $ 1 trillion this year if oil prices stay above $100 a barrel.

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