>> With an eye on oil and gas reserves under the waves, US President Donald Trump is considering shrinking or even doing away with some of the marine sanctuaries that protect more than 400 million acres of the nation's coral reefs, beaches and habitats. Part of Trump's push to open new areas to drilling that could include the Thunder Bay Sanctuary in the Great Lakes, the Northeast Canyons in the Atlantic and several sites off Hawaii.
Valerie Volcovici has the story.>> They're looking at all the possible areas that have been put off limits to energy development, specifically oil and gas drilling, to see whether there are missed opportunities by putting those areas off limits to that kind of energy exploration.>> The Commerce Department wrapping up a broad review of sanctuaries, but the move is not unleashing the stampede of interest the White House might have hoped for.
A number of industry leaders and trade groups telling Reuters they are sitting this one out due to the hefty costs of offshore development and the rich opportunities still to be found on dry land.>> There's not a tremendous amount of demand for drilling even in some of the off shore areas at the moment.
Because it's so cheap to drill on land and it's much easier depending on the state that you are located in.>> Off shore drilling data reviewed by Reuters shows the industry is bidding on less off shore acreage than it has in years has improvements in drilling such as fracking make on-shore reserves easier to reach.
US output growing from about 5 million barrels of oil per day in 2006 to almost 9 million last year.>> Right now it makes more sense for them, especially where oil prices are too focused on land first.>> Trump made higher oil and gas production in the roll back of environmental rules a major part of his campaign.
The sanctuaries review just one part of a larger effort that includes carbon emission limits and making it easier to drill on federal lands.