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In December 2010, Ghana, a nation of 24 million people, became the latest African nation to join the petroleum club. Its Jubilee field, approximately 60 km. (40 miles) off Ghana’s coast, is the first of what will likely be several deep-water oil development projects. Drilling off Ghana over the next 20 years may be worth as much as $20 billion in export revenue, but the government has pledged it will succeed where many developing countries have failed and beat the so-called “resource curse.”
GOP Proposes EPA Cuts; Backs Oil Subsidies
Republicans unveiled a budget plan on Wednesday that proposed a $1.6 billion cut to the Environmental Protection Agency, an agency whose authority they have sought to curtail, while business trade groups have complained about the burden placed on them by agency regulations. Politico also reported that the GOP's proposal would hit the Energy Department hard, with a proposal to cut energy efficiency and renewable energy programs in half.