WASHINGTON ( TheStreet) -- President Obama is expected Wednesday to announce he will allow drilling off Virginia's coast.

Obama's plan is a reversal of a long-standing ban on most offshore drilling, the Associated Press reports. The plan modifies a ban that for more than 20 years has limited drilling along coastal areas other than the Gulf of Mexico.

The president also is rejecting some new drilling sites that were planned in Alaska, AP reports.

Obama is scheduled to make his announcements at Andrews air base in Maryland.

The president also Wednesday is expected to say that proposed leases in Alaska's Bristol Bay would be canceled, but that he's allowing an expansion in Alaska's Cook Inlet to go forward.

Obama's plan leaves in place a moratorium on drilling off the West Coast, AP reports.

-- Written by Joseph Woelfel in New York.

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