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WASHINGTON, March 31 (Saba) -- US President Barack Obama announced Wednesday plans to allow offshore oil and natural gas exploration along the Atlantic coastline, eastern Gulf of Mexico and in the Arctic, according to Kuwait News Agency (KUNA).

Speaking at Andrews Air Force Base, Obama unveiled an energy security plan aimed at reducing US dependence on oil and further investment in clean energy and biofuels.

"Given our energy needs, in order to sustain economic growth, produce jobs, and keep our businesses competitive, were going to need to harness traditional sources of fuel even as we ramp up production of new sources of renewable, homegrown energy," Obama said.

Speaking to environmental groups concerns, he promised to use new technologies that reduce the environmental impact of oil exploration and protect areas vital to tourism, environment, and national security.

Obama emphasized that his announcement is part of a "broader strategy that will move us from an economy that runs on fossil fuels and foreign oil to one that relies more on homegrown fuels and clean energy," and give the US "an edge in the global marketplace by investing in new pays of producing and saving energy".

During his speech, Obama also highlighted the need to cut down oil depensdence to improve US national security. He introduced the new F-18 fighter jet called the "Green Hornet" which is expected to be the fastest plane ever to run on a mixture of biofuels. The Navy has also set a goal of using 50 percent alternative fuel in all planes, vehicles and ships in the next decade, as part of a USD 2.7 billion Defense Department budget.

The Obama administration said investments in clean technology is expected to create of save 700,000 jobs nation-wide by upgrading the nations power grid, manufacturing advanced battereis for more efficient vehicles and doubling the nations renewable electricity using wind and solar power.

On Thursday the Obama administration is expected to formally adopt new regulations governing greenhouse gas emissions and automobile fuel economy. The regulations are projected to save 1.8 billion barrels of oil, equivalent to taking 58 million cars off the road for a year, according to the administration.

The Senate is expected to take up a climate bill in the next few weeks, the last chance to enact such legislation before midterm election concerns take over.

Saba