The US is seeking to expand domestic oil production in an?attempt to reduce its dependence on imported oil and to?lower fuel prices. President Obama, in his weekly address insisted the US could reduce its need for imported oil and improve safety. He has urged the Congress to back proposals to end the taxpayer subsidies to highly profitable oil companies.
In the year 2010, the US oil production had reached its highest level. ?But I believe that we should continue to expand oil production in America- even as we increase safety and environment standards,? the President added.
New leases would be sold each year in Alaska?s National Petroleum Reserve, and oil and gas fields in the Atlantic Ocean would be evaluated as a high priority.
Consumers in the US have typically enjoyed cheap fuel, but recently seen prices reach $4 per gallon in the recent months.