Washington - Today, US Senator Menendez (D-NJ) released the following statement in response to President Obama's new plans to increase domestic oil production. Last week Senator Menendez (D-NJ) announced plans to reintroduce the Clean Ocean and Safe Tourism (COAST) Act to ban drilling off the Atlantic Coast from North Carolina to Maine. He is also the author of the "Close Big Oil Tax Loopholes Act", to eliminate tax subsidies for the five largest oil companies.

"I applaud the President for repeating his call to end wasteful oil subsidies and working to clamp down on oil speculation. I also believe the President is taking important steps to make domestic drilling safer. As for his plan to expand coastal drilling, however, I think it is disappointing he would pursue a strategy that comes with considerable risk while offering no hope of driving down gas prices. The Department of Energy has projected that drilling all our coasts, even the Jersey Shore, would only reduce gas prices by 3 cents in 2030."

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