Monday, July 14, 2008
President lifts executive ban on offshore drilling
President Bush lifted a ban on offshore drilling today that has been in place since President George H.W. Bush was in office. Congressman Pence issued a statement in response.
Bush says offshore drilling could yield up to 18 billion barrels of oil over time, although it would take years for production to start. Bush also says offshore drilling would take pressure off prices over time. In addition, the president has proposed opening the Arctic National Wildlife Refuge for drilling, lifting restrictions on oil shale leasing in the Green River Basin of Colorado, Utah and Wyoming and easing the regulatory process to expand oil refining capacity.
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