President Obama discussed plans on Wednesday to open up large areas of the Atlantic Ocean and the Gulf of Mexico for oil drilling, ABC News said.
The plan entails lifting a 20-year ban on drilling off the Virginia coastline, while protecting areas in Alaska like Bristol Bay, CNN said.
Obama said this is a move made to stimulate economic growth, provide jobs and keep fuel costs low.
Relying on domestic fuel will be important as the country continues to develop renewable energy, he said according to CNN.
It is estimated that there is a 15-year supply of oil and a 23-year supply of natural gas beneath the ocean, ABC News said.