US to ramp up oil output

Facing continued public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up US oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. Obama said yesterday that the measures "make good sense" and will help reduce US consumption of imported oil in the long term. But he acknowledged anew that they won't help to immediately bring down gasoline prices topping $4 a gallon in many parts of the country. His announcement followed passage in the Republican-controlled House of three bills including two last week that would expand and speed up offshore oil and gas drilling. Republicans say the bills are aimed at easing gasoline costs, but they also acknowledge that won't be immediate. from / Gulf News