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Sep 24, 2008 06:45 PM | 2
A 26-year moratorium on offshore drilling will expire on Wednesday, after the House approved a temporary-spending package today sans a planned extension of the ban. The bill was approved by a 370-to-58 margin, hours after the Democratic majority nixed a provision that would have maintained the prohibition on drilling off the U.S. coast line.
The measure is likely to be approved by the Senate within a few days, the Associated Press reports. President Bush had threatened to veto the package if it extended the ban.
Democrats backed away from their longstanding support of the drilling limit over the summer, after fuel prices skyrocketed and consumer discontent over the surging costs became a top issue on the presidential campaign trail. Both candidates support offshore drilling; Republican John McCain wants drilling allowed on the Outer Continental Shelf, while Barack Obama backs offshore drilling if it's accompanied by development of alternative energy sources.
It's not clear whether oil companies will capitalize on the expiration — or if drilling offshore can really make the U.S. fuel independent. A separate energy package approved by the House last week would allow drilling 50 to 100 miles from the Atlantic and Pacific coasts. But much to the chagrin of the industry and Republicans, that legislation would also scrap $18 billion in tax breaks for oil companies.
(Image of oil rig from iStockphoto, Copyright: S. Greg Panosian)
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2 Comments
Add CommentTho I am against lifting the ban on off shore drilling, for now, I am heartened that the $18bn in tax breaks was dropped. If the industry has to at least cover the financial costs of what it does it may give more forethought before it acts.
Reply | Report Abuse | Link to thisIt is quite clear that any new off shore find will take YEARS to make any difference to consumers. By that time it should be apparent that the best use of our rapidly shrinking reserves is NOT as fuel. Hydrocarbons are used in so many ways that do not yet have alternative sources that we must, absolutely MUST stop simply burning them up.
Geophys 55 (see the link in the above article"make the US fuel independent") has discussed this issue in detail; and I believe his credentials/discussion shows that new offshore drilling could be effective immediately on the "futures" contracts, and within 2 to 3 years in shallow drilling areas. I believe him.
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