President Trump today signed an executive order that will expand offshore drilling for oil and gas.

"Our country is blessed with incredible natural resources including abundant offshore oil and natural gas reserves," Trump said.

"Today we're unleashing American energy and clearing the way for thousands and thousand of high paying American energy jobs," he continued. 

Trump's move could undo a plan finalized by President Obama that sought to limit fossil fuel development and fight climate change by not including new drilling leases off the coast of California or Alaska during the current five-year federal offshore plan, which extends through 2022.

President Trump's executive order to expand offshore drilling isn't a near-term solution for a beaten down industry, though it may be a long-term positive.

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