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Mitt Romney's energy plan, unveiled Thursday in Hobbs, N.M., seeks to establish America "as an energy superpower in the 21st century," according to the 21-page report.
"We have an unprecedented opportunity to make our natural resources a long-term source of competitive advantage for our nation," Romney says in the report. "If we develop these resources to the fullest, we will not only guarantee ourselves an affordable and reliable supply of energy, but also enjoy the benefits throughout our economy."
Romney's energy policies will lead to U.S. energy independence by 2020, according to the proposal. The plan, which will likely irk environmentalists, calls for the following:
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Aggressively opening more offshore areas for oil drilling (starting in Virginia and the Carolinas).
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Giving states greater control of energy production and development on federal lands within their borders.
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Approving the construction of TransCanada's Keystone XL Pipeline.
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Loosening federal regulations on coal and natural gas production.
[Related: Strategic Oil Reserve Likely to Be Tapped as Gas Prices Rise: Stephen Schork]
The Romney campaign says the presumptive Republican presidential nominee's proposal will result in more than three million new jobs, including more than one million in manufacturing; bring in more than $1 trillion in revenue for federal, state and local governments; lower energy prices for middle-class families; and add $500 billion to the nation's gross domestic product.
The Obama campaign released a statement criticizing Romney's plan: "We will never reach energy independence by turning our backs on homegrown renewable energy and better auto mileage," said Federico Pena, who served as secretary of energy during the Clinton administration.
[Related: Clean Energy: Obama Says It's the Future, Paul Ryan Calls It a Fad]
Romney's plan also places a greater emphasis on coal production, the largest domestically-produced source of energy in the U.S. Coal generates about half the of the nation's electricity but coal-fired power plants account for 98 percent of sulfur dioxide and 92 percent of nitrogen oxides released into the air by power plants, according to the EPA. Romney, who vowed to close an old coal-fired power plant because it "kills people" when he was governor of Massachusetts, now says the Obama administration has "waged a war" on coal producers and his policies have "bankrupt" the coal industry.
Romney's decision to give states more regulatory authority on energy production on federally-owned land could be seen as the most controversial — and most sweeping — change to current energy policy. The Obama administration has reduced the number of acres of federal land available for exploration by 20 percent and the rate of government permits for new energy production has slipped 37 percent since Obama took office, according to Romney. His campaign says it takes the Interior Department — which controls the federal government's leasing program — 307 days to issue permits to drill a new well, compared to 10 days in North Carolina and 27 days in Colorado. Almost two-thirds of federal lands are currently off-limits to drilling and mining, reports The New York Times.