Several companies' plans to explore for oil and gas along the Atlantic Coast would include waters off the southern coast of Long Island according to a Florida Today [1] article. 

As oil companies continue their acrimonious battle over drilling rights in the Gulf of Mexico, some would like to know what potential the Atlantic coast holds. Estimates on the oil and gas reserves in the North Atlantic Planning Area [2], which includes Long Island, are based on 1970s to 1980s seismic data and limited exploratory wells.  Since this data was collected, technological advancements allow for more accurate reserve estimations.   

In order for the surveys to occur, the Minerals Management Service [3], a branch of the U.S. Department of the Interior, must conduct a study of the potential environmental impacts.  This study would take one to two years and cost between $2 million to $3 million dollars.  A five-year leasing plan must also be adopted and necessitates a public comment period that could last two or more years.