mdsolar writes: The Obama administration will abandon its plan to allow new offshore oil drilling on the U.S. southeast coast, dealing a blow to petroleum companies that had hopes of tapping new reserves. The Interior Department is set to announce today that it will not auction off certain drilling rights for Atlantic Ocean waters off the coast of Virginia, North Carolina, South Carolina, Georgia and Florida. The reversal comes after environmentalists, coastal residents, and the U.S. military vocalized opposition to the plan. It also comes amid declining industry investment in new exploration and production activities as oil prices fell by about 70% since late 2014 -- although the industry is still seeking long-term investment opportunities under the assumption that oil prices will recover.
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