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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/17/2011--Passed House amended. Reversing President Obama's Offshore Moratorium Act - Amends the Outer Continental Shelf Lands Act to direct the Secretary of the Interior to make available for leasing and to conduct lease sales including: (1) at least 50% of the available unleased acreage within each outer Continental Shelf (OCS) planning area considered to have the largest undiscovered, technically recoverable oil and gas resources (on a total btu basis) based upon the most recent national geologic assessment of the OCS, with an emphasis on offering the most geologically prospective parts of the planning area; and (2) any state subdivision of an OCS planning area that the Governor of such state requests be made available for leasing.
Directs the Secretary, in the 2012-2017 5-year oil and gas leasing program, to make available for leasing OCS planning areas that: (1) are estimated to contain more than 2.5 billion barrels of oil; or (2) are estimated to contain more than 7.5 trillion cubic feet of natural gas.
Directs the Secretary, in developing a 5-year oil and gas leasing program, to determine a domestic strategic production goal for the development of oil and natural gas. Makes the production goal for the 2012-2017 5-year oil and gas leasing program an increase by 2027 in daily production of at least: (1) 3 million barrels of oil, and (2) 10 billion cubic feet of natural gas.