The White House has sent signals that it could open up more of the Atlantic and Arctic Oceans to oil exploration, which would reverse prior Obama administration policy prohibiting petroleum drilling in those areas. The Interior Department is also exploring opportunities to allow more drilling off the coast of most of the US mainland.
These steps comes as Trump aims to make the US a greater player in the world oil market, though the possible expansion in supply comes at a time when oil prices are at a low point. Additional increases in supply could translate into reduced costs in the rest of the economy, but greater losses for many oil producers.
